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Research: A review of bitcoin mining company holdings in 2022

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Research: A review of bitcoin mining company holdings in 2022

Research: A review of bitcoin mining company holdings in 2022 Zeynep Geylan · 2 hours ago · 3 min read

Marathon, Hut8, and Riot collected the largest amount of Bitcoin while Bit Digital emerged as the one that increased its mining capability the most.

3 min read

Updated: January 17, 2023 at 10:24 pm

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Cover art/illustration via CryptoSlate

Glassnode data analyzed by CryptoSlate shows that Marathon, Hut8, and Riot built the top three largest Bitcoin (BTC) pools, while Bit Digital recorded a 134% growth in reserves in nine months.

BTC miners in 2022

BTC miners entered the year 2022 with resources acquired through cheap debt in 2021. The majority of them invested these resources into growing their ASICS, which kept increasing their BTC holdings until May.

Public Mining Company BTC Holdings

However, the bear market started in May introduced immense pressure and led to distribution across miners. The Russian-Ukraine war increased energy costs, the BTC price fell, and the hash rate increased, which heated the competition for block space.

Distribution emerged as the main theme for BTC miners in the second half of 2022. However, the BTC volume in exchanges didn’t grow. Throughout the whole year, less than 60,000 BTC got sent to exchanges.

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Year-end reserves

Marathon, Hut8, and Riot became the top three companies with the largest total BTC holdings, with 12,232 BTC, 9,086 BTC, and 6,952 BTC, respectively.

Public BTC Mining Companies – Total Reserves

Marathon’s holdings account for 27.7% of the combined BTC pool of the top nine mining companies, while Hut8 and Riot account for 20.4% and 17.5%, respectively.

Top 9 Companies

CryptoSlate analyzed the top nine BTC mining companies in detail. Marathon, Hut8, HIVE, Riot, and Bit Digital ended the year by growing their holdings.

Top 9 Company Holdings

However, Bit Digital recorded the most impressive growth in mining capabilities throughout the year. Bit Digital started its operations in April and mined 754 BTC in the first month. For the rest of the year, the company recorded a 134% growth in reserves and reached 1,765 in December.

Marathon started the year with 8,595 BTC, recorded a 42% increase, and saw 12,232 BTC in December. The 5,826 BTC Hut8 had in January increased to 9,086 by December, reflecting an almost 56% increase. Finally, HIVE’s January reserves were at 2,043 BTC, which grew by 14.9% throughout the year and reached 2,348 BTC in December.

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Bitfarms entered the year with 4,600 BTC and recorded a 91% decrease by falling to 405 BTC in December. Similarly, Argo held 2,748 BTC in January, which fell to 141 BTC in December, marking a 94.8% decrease. CleanSpark’s BTC reserves fell by 51%, falling from January’s 471 to December’s 228. Finally, Core Scientific couldn’t survive the winter. The company entered the year with 6,373 BTC and went bankrupt in December.

First two weeks of 2023

The year 2023 started with the least amount of selling pressure of the past three years. The chart below represents the flow of BTC from miner wallets to exchanges.

BTC flow from miners to exchanges

According to the data, only 88 BTC got sent to exchanges in the last two weeks.

Read Our Latest Market Report

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Cardano: Whale activity and booming ecosystem propel ADA

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Cardano: Whale activity and booming ecosystem propel ADA

  • Whale transactions on Cardano network surge, boosting ADA.
  • Growing Cardano ecosystem drives TVL growth and increased fees.

Cardano [ADA] gained attention from whale investors as the number of transactions on the network increased, according to Santiment. This could have a positive impact on ADA’s prices.

In the past, such transactions led to price surges. The last time there was such a surge in whale transactions, the price of ADA rose by a staggering 36%.

Source: Santiment


Read Cardano’s [ADA] Price Prediction 2023-2024


Large addresses get closer

It’s important to note that too many large addresses in the network could end up manipulating the prices. This might harm ADA holders.

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Despite this potential risk, the Cardano ecosystem continues to grow and attract more users. Cardano Daily reported that many dApps on the network witnessed a spike in activity. This interest in the ecosystem led to Cardano being able to generate more fees.

Top Gainers in Cardano Ecosystem Last 24H 🚀🚀$AGIX @singularity_net $IAG @IagonOfficial $ADAX @adax_pro $RDT @ridotto_io $ADAPAD @ADAPadofficial $ORN @orion_protocol $DANA @ardanaproject $GERO @GeroWallet $OCC @OccamFi #ADA #CARDANO pic.twitter.com/gJ8txxU4Sz

— Cardano Daily (@cardano_daily) February 7, 2023

The fees generated by Cardano increased by 27.1% in the last month, according to Token Terminal.

This growth in the Cardano ecosystem has been driven by increased interest in the network from developers and investors alike. The number of active developers on the network also increased, which bodes well for the future of Cardano.

With more developers working on the network, it is likely that new and innovative applications will be built, further increasing the network’s utility and value.

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Source: token terminal


How much are 1,10,100 ADA worth today?


Cardano’s DeFi angle

Besides the growing number of active developers, the TVL of Cardano also grew from $56 million to $107 million in the last month, according to DeFi Llama. This was a positive indicator of the growing demand for the network.

Source: Defi Llama

Overall, the growing number of whale transactions and increased activity in the Cardano ecosystem could have a positive impact on the future of ADA. However, it’s essential to be mindful of the potential risks that come with large transactions and to monitor the network closely to ensure that prices are not being manipulated.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Nigerian City Of Lagos Among The World’s Top 20 Crypto Hub Cities — Study

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Nigerian City Of Lagos Among The World’s Top 20 Crypto Hub Cities — Study

According to the findings of a study by Recap, the crypto asset management firm, the Nigerian city of Lagos is ranked among the world’s top 20 crypto hub cities. Besides Lagos, five more African cities, namely the Angolan city of Luanda, Nigeria’s Ibadan, and three South African cities — Cape Town, Johannesburg and Pretoria — feature among the 50 top-ranked crypto hub cities.

Lagos Among Cities With Most People ‘Working in Crypto-Based Jobs’

According to the findings of a recent study by Recap, a crypto asset management firm, the Nigerian city of Lagos is the only African city that features on its list of top 20 crypto hub cities. With a total score of 261.2 points, Lagos is only outranked by 13 major cities out of the over 200 “most populated cities in the world” that were surveyed.

As shown by the study findings, while the city has one of the lowest figures for crypto-related events held or the number of installed bitcoin automated teller machines (ATMs), it nonetheless boasts the highest (45%) proportion of crypto holders relative to the population size. In addition, the data shows that Lagos ranks among cities with the highest numbers of individuals “working in crypto-based jobs.” Only London, Dubai, New York City, Singapore, Los Angeles, and Paris have more people working on such crypto-related jobs.

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While Lagos — one of Africa’s most populous cities — is among the top 20 crypto hub cities, Ibadan, a city in southwest Nigeria, is ranked 24th in the world and second in Africa. According to the study data, Ibadan, whose crypto ownership rate is similar to that of Lagos, has a total score of 235.8. This score is over 10 points higher than that of the next highest-ranked African city, Cape Town (ranked 30).

Two more South African cities, namely Pretoria (42) and Johannesburg (46) also feature among the list of top 50 crypto hub cities, while Angola’s Luanda (38) is the sixth African city to feature on the list.

According to the study findings, London is the highest-ranked city with a score of 458.5, and is closely followed by Dubai which scored 447.2. New York City (3) and Los Angeles (5) are the only U.S. cities that feature among the ten top-ranked crypto hub cities while Singapore City (4) and Bangkok (10) are the only Asian cities on the list.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, ba55ey / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Hut 8 to merge with rival cryptocurrency mining firm US Bitcoin

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Hut 8 to merge with rival cryptocurrency mining firm US Bitcoin

Hut 8 to merge with rival cryptocurrency mining firm US Bitcoin Mike Dalton · 15 hours ago · 2 min read

The resulting firm will be referred to as “New Hut” or “Hut 8 Corp.”

2 min read

Updated: February 7, 2023 at 11:24 pm

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Cover art/illustration via CryptoSlate

Two notable Bitcoin mining firms, Hut 8 and US Bitcoin, have announced a merger as detailed in a press release published on Feb. 7.

Combined company will have six sites

The merger will combine two of Hut 8’s sites in Canada with all four of US Bitcoin’s sites in the US. The combined firm will utilize 825 megawatts of gross energy across all six sites. The new company will be able to leverage an estimated 5.6 exahashes per second (EH/s) of self-mining power across five sites.

The variation in the number of sites included in those estimates is due to ongoing conflicts. Hut 8 has a third site in Ontario, Canada, that has seemingly been halted to a power dispute. Additionally, one US Bitcoin site in Niagara Falls, NY, is locked in a dispute with the city but remains operational.

Though today’s agreement is described as a merger of equals within the press release, the new company will operate as “New Hut” or “Hut 8 Corp.” The merger will seemingly drop all branding related to US Bitcoin.

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While an agreement has been reached among executives and stockholders, a special meeting must still close the deal in the second quarter of this year.

Hut 8 will also provide US Bitcoin with secured bridge financing up to $6.5 million, but not until definitive loan documentation has been completed.

Mining industry faces challenges

Hut 8 stock’s value is down 8.78% today. It is unclear whether this is due to a negative response to the merger or to broader market challenges.

The mining industry is currently facing harsh circumstances due to the high cost of power and Bitcoin’s relatively low market value. Hut 8 is known to be one of the companies affected by those challenges: earlier this year, the firm reported a drop in Bitcoin output in December as it sold back power to its energy supplier.

Hut 8 nevertheless held about 20% of the Bitcoin reserved by publicly traded miners at the end of 2022. It also managed to survive while its competitor Core Scientific failed, suggesting that it is in a relatively strong position.

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The merger is expected to improve the value of the company. The deal is projected to roughly double Hut 8’s current market cap to $990 million, and its stock will be listed on both the Toronto Stock Exchange and Nasdaq.

Shares of Hut 8 will be consolidated at a ratio of five-to-one, meaning that the shares will be reduced in number but will also receive an increase in value.

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