A Review of Bitcoin Mining Company Holdings in 2022

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Glassnode data analyzed by CryptoSlate shows that Marathon, Hut8 and Riot built the three largest Bitcoin (BTC) pools, while Bit Digital saw 134% reserve growth in nine months.

BTC miners in 2022

BTC miners entered the year 2022 with resources acquired through cheap debt in 2021. The majority of them invested these resources in the growth of their ASICS, which continued to increase their holdings in BTC until May.

Public mining company BTC Holdings

However, the bear market that started in May introduced immense pressure and led to a distribution among miners. The Russian-Ukrainian war has increased energy costs, the price of BTC has plummeted, and the hash rate has increased, which has heated competition for block space.

Distribution has become the main theme for BTC miners in the second half of 2022. However, the volume of BTC in exchanges has not increased. Throughout the year, less than 60,000 BTC were sent to exchanges.

Year-end reserves

Marathon, Hut8, and Riot became the top three companies with the largest total BTC holdings, with 12,232 BTC, 9,086 BTC, and 6,952 BTC, respectively.

Public BTC Mining Companies – Total Reserves

Marathon’s holdings represent 27.7% of the combined BTC pool of the top nine mining companies, while Hut8 and Riot represent 20.4% and 17.5% respectively.

Top 9 Companies

CryptoSlate has analyzed the top nine BTC mining companies in detail. Marathon, Hut8, HIVE, Riot and Bit Digital ended the year increasing their holdings.

Top 9 company holdings

However, Bit Digital saw the most impressive growth in mining capacity throughout the year. Bit Digital began operations in April and mined 754 BTC in the first month. For the remainder of the year, the company reported 134% growth in reserves and reached 1,765 in December.

Marathon started the year with 8,595 BTC, recorded a 42% increase and recorded 12,232 BTC in December. The 5,826 BTC Hut8 had risen in January to 9,086 in December, reflecting an increase of almost 56%. Finally, HIVE’s January reserves were 2,043 BTC, which increased by 14.9% throughout the year and reached 2,348 BTC in December.

Bitfarms entered the year with 4,600 BTC and recorded a 91% decline, falling to 405 BTC in December. Similarly, Argo held 2,748 BTC in January, which fell to 141 BTC in December, marking a decline of 94.8%. CleanSpark’s BTC reserves fell 51% from 471 in January to 228 in December. Finally, Core Scientific could not survive the winter. The company entered the year with 6,373 BTC and went bankrupt in December.

First two weeks of 2023

The year 2023 has started with the least sales pressure of the last three years. The chart below depicts the flow of BTC from miner wallets to exchanges.

BTC flow from miners to exchanges

According to the data, only 88 BTC were sent to exchanges in the past two weeks.

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