Bitcoin Miner Holdings Reach Five-Month High

Bitcoin mining activity has intensified since the April 20, 2024, Bitcoin halving event.

The halving process reduces Bitcoin mining rewards by half approximately every four years.

As of September 19 at 2:00 PM KST, miner holdings stood at 1,194,296 BTC (approximately $13.18 trillion), according to CryptoQuant data. This represents a 2,780 BTC increase (about $305.2 billion) from seven days prior.

This marks the first time miner holdings have risen this much since April 22, roughly five months ago.

An increase in these holdings suggests miners are accumulating rather than selling or using Bitcoin for loans and collateral.

Bitcoin hash rate, a measure of network computing power used for mining, averaged 95.07 billion TH/s as of September 19 at 2:00 PM KST, up by about 11.48 million TH/s from seven days earlier. This indicates growing mining demand.

The Bitcoin Fuel Multiple, a metric comparing daily mining output to a 365-day moving average, stood at 0.89 as of September 19 at 2:00 PM KST, down by 0.15 from seven days prior. A reading below 0.4 typically indicates undervaluation and potential price appreciation.