Quick Take
- Glassnode defines the miner percent mined supply spent metric as the estimate of the percentage of mined supply spent by the mining cohort over a 30-day window. Due to the competitive and capital-intensive nature of the mining industry, miners have historically needed to distribute a majority of the coins mined to cover input costs.
Values = 100% indicate that in the aggregate, a volume of coins equal to the total mined supply was spent.
Values < 100% indicate miners retain a portion of mined supply in treasury reserves.
Values > 100% indicate miners are distributing coins in excess of the mined supply, thus depleting treasury reserves.
- The miner balance has soared to highs not seen since November 2022, a balance of 737,000 Bitcoin.
- The overall miner balance includes patoshi balance (The Bitcoin Satoshi mined), totaling over 1.8 million Bitcoin.
- This shows that miners are in good health, keeping Bitcoin in their treasury instead of spending it to keep the company going.
- Due to the recent surge in Inscriptions reaching 10 million and BRC-20 tokens, Bitcoin miners received a financial boom from miner fees.
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