On December 27th, the blockchain analysis company Glassnode believes that if miners become a “coin hoarding party”, it will become very difficult for people to obtain new BTC. In the past two years, the behavior of miners has changed. On the one hand, newer and more powerful chips have improved the operating efficiency of miners. On the other hand, the expansion of miners to North America has facilitated many miners to obtain working capital through cheap debt and company equity. Substitute miners are tougher.
In the past, miners’ wallets would regularly sell stable bitcoins. This situation has changed since 2019. Miners now deposit more mining revenue into their wallets than before. As a group that naturally has an incentive to sell, in less than 13 years, nine-tenths of the total Bitcoin supply has been distributed to miners. If miners accumulate Bitcoin for a long time and evolve into a “coin hoarding party” , Then it may become very difficult for people to obtain new bitcoins in the future.