Miners are taking steps both on a daily and strategic basis to take advantage of the changed Bitcoin and altcoin environment.
Strategic shifts
On February 26, Marathon Patent Group changed its name to Marathon Digital Holdings. Marathon, which is one of the largest cryptocurrency miners in North America, said the change reflects the new nature of its business. Previously, Marathon Digital Holdings was engaged in mining, and now specializes in two areas: cryptocurrency mining and investing in digital assets.
The name change is just the latest reflection of Marathon's expanded vision. On January 25, Marathon bought $150 million worth of bitcoin, or about 5000 BTC. This marked the first time the company went public to buy cryptocurrencies instead of selling them. The purchased bitcoin entered the company's treasury.
Bitcoin to the treasury
The Marathon purchase reflects a growing trend outside of the cryptocurrency mining field as well. The exchange of cash for BTC in the corporate coffers became famous with the emergence of MicroStrategy, which, under the leadership of CEO Michael Saylor, initiated such purchases in August 2020.
MicroStrategy even shared its know-how regarding corporate Treasury procurement. On February 7, the company held a two-day seminar on this very topic and sent links to the accompanying documentation. The online event was attended by representatives of 6917 companies.
BTC day trading change
The only thing a cryptocurrency miner can do that a business intelligence company as a whole cannot do is to mine cryptocurrency on an industrial scale. Miners are also changing the way they work, giving a hint of the crypto world as they see it on a daily basis.
Cryptocurrency analysis company Glassnode released a graph on February 27 showing that on February 26, miners generally held more bitcoins than they sold in the market for the first time since December. More precisely, the change in the net position of the miner (change in MNP) became positive; By the 26th number of miners, more rewards were created than were sold by them. The last time it happened was on December 27, shortly before the start of the next wave of Bitcoin-ATH.
Put it all together
The long-term changes associated with the marathon are noteworthy. It is the same with short-term changes such as MNP change. But that is not all.
On February 27, Mira Chistanto of Messari Research tweeted that “Miners believe in Bitcoin. If they didn’t believe, they wouldn’t be in cryptocurrency. ” And she asks about the miners: "What happens when they stop selling and start buying BTC?"
We now know. They are turning into "cryptocurrency and digital assets" companies.