US-listed mining companies hold more than 20,459 BTC (~$1.13 billion) as a reserve asset. Analysts at The Block estimate this.
The estimates are based on current production indicators from Riot Blockchain, Marathon Digital Holdings, Argo Blockchain, Bitfarms, CleanSpark, Hut 8 Mining, HIVE Blockchain and Greenidge Generation.
Together, these firms accounted for 7.5% of all bitcoins mined in Q3 (6,463 BTC). In July–September, the figure rose by 82% from April–June. The drivers were crackdown by Chinese authorities and the increase in the companies’ hash rate.
The data do not include BIT Digital’s statistics, which have yet to report Q3 results.
The 20,459 BTC on the companies’ balance sheets also include Marathon Digital’s acquisition of 4,812 BTC on the market in January.
Bitcoin as a reserve asset can provide firms with liquidity to cover operating expenses, acquire new equipment, and build the necessary infrastructure.
Argo Blockchain used the digital gold as collateral for a $25 million loan from Galaxy Digital. Similarly, Marathon Digital Holdings did the same, which agreed with Silvergate Bank to open a $100 million revolving credit facility.
Earlier, Hut 8 raised $11.8 million from Foundry, pledging mined cryptocurrency as collateral.
The combined bitcoin-miners’ revenue last month reached $1.308 billion, down 3.8% from August.
For September developments in the industry, see our report.
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