Bitcoin has time and again proven to be a lucrative long-term investment vehicle. From its low value of $0.04865 in 2010, BTC is up 60,664,430%. Early investors and miners have been the biggest beneficiaries of this exponential increment.
Ki Young Ju, the Co-Founder, and CEO of CryptoQuant, recently took to Twitter to share how a miner earned significant profits by holding BTC for more than a decade. According to on-chain data, the miner mined 150 BTC valued at $0.13. After holding the coins for 13 years, the miner sold them for $6.5 million. Consequentially, he earned a profit of more than 5 billion percent.
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Bitcoin Miner Reserve Rises
For the most part of 2023, miners had been selling Bitcoin. As a result, the miner reserve kept diminishing. Only three uptrends have been registered so far this year. One in January, the other in May-June. The third one is currently in play. From June 20’s lows, the aggregate Bitcoin miner balance has risen by 4463.59 BTC. At press time, the miners had a collective balance of 1.842 million BTC.
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Top Mining Companies Note Growth
Top mining companies have slowly been able to narrow down their financial losses lately. Riot Platforms cut down its losses by $27.7 million in Q2 2023. The company reported a total profit of $76.7 million, up 5.2% from last year. Jason Les, CEO of Riot revealed that the company was successful in bringing down the average cost to mine to $8,389 per BTC in Q2. Even Marathon Digital increased its revenue by 228% when compared to Q2 2022. As a result, the mining company’s H1 2023 revenue stood at $132.8 million, up 73.3% from H1 2022’s figure.
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