BTC miners face the heat, but HODLers continue to show faith

ambcrypto.com:

The recent surge in Bitcoin’s [BTC] value has been a boon for miners as they did not have to worry about selling their holdings. Nevertheless, the press time situation of several leading mining companies suggested that this favorable situation for miners might not last much longer.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

As per its most recent filing with the SEC, Bitfarms, a significant player in Bitcoin mining, said it incurred a loss of $239 million in 2022. Similarly, Bitdeer and other mining companies also faced setbacks, with Bitdeer’s valuation plummeting from $4 billion to $1.18 billion in the last 3 years.

Blockchain.com’s data shows that miners were facing difficulties as their revenue declined in recent days, reaching a figure of $26,143,030. This was another sign that miners were struggling to generate income.

Source: Blockchain.com

However, despite the volatility faced by miners, some maximalists continued to buy and HODL BTC.

Microstrategy, an analytics company famous for its substantial holdings of BTC, purchased and retained a significant amount of Bitcoin. As per their 8-K report, between 16 February – 23 March, 2023, Microstrategy procured around 6,455 bitcoins using cash worth about $150 million, at an average cost of $23,238.

As of 23 March, Microstrategy owned 138,955 bitcoins, purchased for a combined price of $4.14 billion and an average cost of $29,817.

Glassnode’s data revealed another sign of institutional interest in BTC, which was the increasing number of addresses joining the BTC network. The number of addresses holding more than 1 BTC surged, reaching a record high of 990,449 at the time of writing.

Source: glassnode

Even though whale interest in BTC rose, there were some concerning factors