JPMorgan said that to finance their operating costs, miners are resorting to issuing bonds and shares, refusing to sell the mined bitcoins.
“The pressure on profitability after the halving and the increase in hashrate forced companies to hoard funds, use a coin accumulation strategy like MicroStrategy, or look for new investments in digital gold in the market,” – reported banking analysts.
Experts estimate that miners have raised more than $10 billion since January, surpassing the previous high of $9.5 billion in 2021. JPMorgan recalled that the Bitcoin strategy has already been implemented by MARA, which owns 40,435 bitcoins and ranks second in this indicator after MicroStrategy, which now has 423,650 coins.
The emergence of spot bitcoinETF in the American market provided investors-legal entities with the opportunity to place their capital with greater profit. Previously, their attention was attracted by shares of mining companies, but now these securities have ceased to be popular, which has led to a slowdown in growth rates, bank specialists said.
Earlier, JPMorgan analysts reported that in the first half of November, the Bitcoin mining profitability indicator – hash price – increased by 29%.
Source: Bits
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