TL;DR
- Major Bitcoin mining firms in the US are accumulating BTC instead of selling it.
- CleanSpark has accumulated over 6,500 BTC since last June and expects to reach 50 EH/s by 2025.
- Marathon maintains high liquidity with $1.5 billion in cash and Bitcoin, and projects to reach 50 EH/s by the end of the year.
In recent months, major Bitcoin (BTC) mining firms in the United States have adopted a clear strategy: accumulating BTC instead of selling it.
Companies like Marathon and Riot Platforms have decided to hold on to their BTC reserves, taking advantage of the recent price surge above $62,000.
This trend has been particularly observed since the rewards halving in April 2024, when miners initially increased their sales to cover operating costs, according to GlassNode metrics.
CleanSpark, a prominent mining firm, has pursued this accumulation strategy in a significant way.
According to Zach Bradford, CEO of CleanSpark, the company has increased its Bitcoin reserves to over 6,500 BTC since June of last year.
Bradford explained that this decision is not based on a “hodling” ideology but on a pragmatic approach, anticipating a long-term appreciation of the value of Bitcoin, despite the expected volatility in the short term.
CleanSpark is also focused on increasing its mining capacity, projecting to reach and exceed 50 EH/s by 2025.
Bitcoin Liquidity and Growth Strategies
In addition to accumulating Bitcoin through mining, some firms like Marathon have also chosen to purchase BTC directly.
In January, Marathon acquired 183.5 BTC, demonstrating its commitment to accumulating this asset.
Marathon‘s Fahad Khan noted that the entry of large institutional investors, such as BlackRock and Fidelity, indicates strong confidence in the crypto’s future price rise.
This institutional backing reinforces Marathon’s strategy of accumulating more BTC to maximize long-term profits.
On the other hand, Marathon stands out for its solid liquidity position, with $1.5 billion in cash and Bitcoin on its balance sheet.
This high liquidity is crucial in a capital-intensive industry like cryptocurrency mining.
Khan stressed that although the sector is not yet as developed as other traditional industries , keeping capital highly liquid allows them to be prepared to take advantage of future opportunities.
Riot Platforms has also followed a similar strategy, not selling Bitcoin since January and rapidly increasing its mining capacity.
Riot projects to reach 41 EH/s in 2024 and increase to 100 EH/s by 2027, positioning itself strongly in the competitive field of cryptocurrency mining.
Major Bitcoin mining firms in the United States are taking a strategic accumulation approach, anticipating a long-term appreciation in the asset’s value.
At the same time, they are significantly increasing their mining capacity, preparing to take advantage of future market growth.
This combination of accumulation and capacity expansion positions these companies to benefit from the expected rise in the value of Bitcoin, supported by growing interest and institutional investment in the sector.
