US-listed mining companies hold over $1 billion in Bitcoin

Businesses are starting to hold more Bitcoin on their balance sheets because they believe the cryptocurrency is an excellent store of value.

US-listed mining companies are hoarding Bitcoin

Cryptocurrency mining companies in the United States are currently hoarding Bitcoin as they believe that the price of the cryptocurrency will rise. This is because Bitcoin has broken through the $55,000 mark and may reach $60,000 in the coming days.

According to the latest monthly production report, U.S.-listed mining companies Riot, Marathon, Bitfarms, Hut8, Greenidge, Argo, and HIVE mined approximately 6,463 Bitcoins in the third quarter of this year. This figure accounts for 7.5% of the total BTC blocks available in the third quarter of 2021.

Additionally, the report shows that Bitcoin mining output from Riot, Marathon, Bitfarms, Hut8, Argo, and HIVE surged 82% in the last quarter compared to the second quarter of this year.

While hoarding Bitcoin can generate returns for companies in the long run, they must consider how to pay their bills in the short term. Mining companies must consider how to pay for electricity, order new equipment, expand facilities in North America, and other utility bills.

Bitcoin Heading Towards $60,000

The cryptocurrency market has been doing well since the beginning of this quarter. BTC finally broke through the $50,000 mark earlier this week and is now approaching $55,000 again. It reached the $56,000 level earlier today before falling back slightly and is now trading at over $54,000 per coin.

However, with the current market momentum, Bitcoin may soon reach $60,000 in the coming days. Most market experts and analysts are optimistic that Bitcoin will reach $100,000 before the end of the year.