Are Bitcoin miners hoarding BTC despite the halving? Recent data suggests something surprising: Bitcoin miners now hold more BTC than ever before. But how is this possible, especially with the recent halving, which has slashed the block reward to 3.125 BTC?

The answer is complex. Miners are relying more heavily on transaction fees. But those fees remain low, many blocks struggle to provide sufficient compensation. This creates a challenging environment, especially considering that Bitcoin’s hashrate has reached historic highs, but plunging miner revenues and rising difficulty are forcing many miners to sell off more BTC than ever to cover costs.

So, how can miners be accumulating more BTC overall? The key lies in the difference between selling and holding. While some miners are indeed selling to cover operational expenses, other, larger mining operations are strategically accumulating BTC. This discrepancy highlights the increasing concentration of Bitcoin holdings within a smaller group of powerful miners.

Currently, four mining institutions hold more than 10,000 BTC each—MARA, Riot, Hut 8 and CleanSpark—with CleanSpark recently crossing that threshold. Companies like Bitcoin miner Marathon Digital Holdings has notched itself a new production record, mining more Bitcoin (BTC) in December 2025 than any month before. According to a press release (replace with current source) they continue to strengthen their position as major holders. This illustrates that efficient, well-capitalized miners can thrive even in a challenging environment.

Adding to the complexity, Data from Glassnode, an on-chain analytics and intelligence platform, reveals that BTC has more holders now than ever before. The asset’s illiquid supply has also been increasing, suggesting a long-term holding strategy among many Bitcoin participants, not just miners.

In conclusion, while the halving and rising difficulty pose significant challenges, the aggregate data indicates that Bitcoin miners, particularly the larger players, are strategically increasing their BTC holdings. The future will reveal whether this trend continues, especially as the Bitcoin ecosystem evolves and transaction fees potentially increase. Keep an eye on key metrics like miner revenue, hash rate, and on-chain data to understand the evolving dynamics of the Bitcoin mining landscape and its impact on the overall BTC supply. Understanding companies like Ionic Digital is also important as the bitcoin mining industry evolves.