- Glassnode defines the Miner Mined Supply Spent Percentage metric as the estimated percentage of the mined supply spent by the mining cohort over a 30-day period. Due to the capital-intensive and competitive nature of the mining industry, miners have historically needed to distribute most of the mined coins to cover entry costs.
Values = 100% they indicate that, in aggregate, a volume of coins equal to the total supply mined was expended.
Values < 100% they indicate that miners retain a portion of the mined supply in treasury reserves.
Values > 100% they indicate that miners are distributing coins in excess of the mined supply, thus depleting the treasury’s reserves.
- The balance of the miners has skyrocketed to highs not seen since November 2022, a balance of 737,000 Bitcoin.
- The general balance of the miner includes the balance of patoshi (the Bitcoin mined by Satoshi), which add up to more than 1.8 million Bitcoin.
- This shows that the miners are in good health and are keeping Bitcoin in their treasury rather than spending it to keep the company running.
- Due to the recent increase in reaching 10 million and BRC-20 tokens, Bitcoin miners received a of miners’ fees.
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