held in reserve by mining companies bitcoin The amount fell to lows not seen since February 2010. In the wallets of Bitcoin miners until Wednesday afternoon 1.91 million BTC existed.
Bitcoin Mining Reserves Drop To 1.91M BTC, The Lowest Level Since February 2010
Bitcoin miners’ reserves for the first time in just 46 days since the beginning of 2022 February 19, 2010exceeded in 2 million BTC remained above the limit.
This has been seen as the result of miners selling their Bitcoins throughout the year, sometimes selling more than they took out in a month.
The fact that reserves remain below 2 million BTC, as they did this year, shows how bad things are for the industry.
Bitcoin miner reserves first fell below 2 million in July last year on news of the cessation of mining operations in China, but the figure later rose again.
The last time miner reserves were this low was a very different time for Bitcoin.
The cryptocurrency was released as open source software in 2010, just a year before its creator, Satoshi Nakamoto, published a white paper explaining how peer-to-peer electronic money works.
Bitcoin was first exchanged for the US dollar on the New Liberty Standard Exchange in 2009. With $5.21, 5.050 Bitcoins could be bought. At today’s prices, this amount of Bitcoin is worth almost $97 million.
The day miner reserves first exceeded 2 million in February 2010, miners were holding one in five Bitcoins ever created.
Today, however, the share of Bitcoin miners in coins in circulation has now fallen below 10%.
*Not investment advice.
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