Cryptocurrencies Miners Savings Far Outweigh The Amount Produced

Thomas Seattle
Thomas Seattle Crypto
3 Min Read

If we take a look at the analysis of Bitcoin prices and portfolios, we can find several unprecedented statistics between 2019 and 2021. The first thing to note is that, in recent years, Bitcoin investors are becoming more individualized. In previous years, there was a strong presence of individual firms in cryptoassets, particularly in Bitcoin. With the recent downturn, this has started to reverse and Bitcoin has become increasingly individualized.

People’s Wallets Are Getting Bigger And Bigger

Especially after the statements were made, there has been a sharp increase in the wallets of people mining Bitcoin or buying Bitcoin individually. This is clearly visible in some research. For example: according to Glassnode experts, the increase in the total balances of investors with less than 1 BTC and between 1 and 10 BTC is remarkable. So much so that it exceeds the amount of Bitcoins created in the previous year by 105% for those with balances below 1 BTC and by 119% for those with balances between 1 and 10 BTC.

miners savings far outweigh the amount produced

Highest Figure In Personal Accounts

In absolute terms, the total value of all balances will have reached an all-time high. These groups are historically net buyers and have steadily increased their balances. In other words: we are living through a period of massive Bitcoin purchases.

In December 2021, Bitcoin growth began to accelerate. In the previous seven months, the pace had been negligible. By the end of 2023, these figures are expected to increase much more.

Impossible Prediction

By the end of March, a very important milestone for Bitcoin is expected to be passed. Of course, this can be clearly seen in some of the charts and commentary. Adam Farthing of B2C2, one of the biggest market makers in the cryptocurrency market, recently stated that Bitcoin needs to break the $25,000 mark for the uptrend to continue. According to Michael Novogratz, founder of Galaxy Digital, the leading cryptocurrency will reach $30,000 by the end of March.

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I graduated from Lancaster University and currently working in the financial services industry. I’m a goal-driven journalist who tracks down personal and corporate finance stories and delivers on deadline and a reporter/editor with extensive experience in newspapers, magazines and the internet in public and private markets, equity and debt, M&A, banking, fintech areas.
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