There are now signs of continued accumulation of bitcoin by mining companies. This is despite the reduction in their income due to the halving event. Thus, according to CryptoQuant analytics, Marathon Digital and Riot Platform continue to ramp up their bitcoin reserves, contrary to expert opinion about the sale of assets against the backdrop of halving.
This may be due to several factors:
1. Many miners view bitcoin as a promising asset and strive to accumulate it, counting on a further increase in its value in the future. They may consider the current drop in mining profitability to be a temporary phenomenon.
2. Historically, after previous halving events, the BTC price showed a significant increase, allowing miners to compensate for the decrease in rewards for mining new coins.
3. Sufficient financial reserves at mining companies. Some large players can afford not to sell their mined bitcoins in the short term, maintaining a high level of liquidity. They could be creating a safety cushion for themselves in advance so that they could painlessly go through periods of correction in the bitcoin price.
4. Diversification of business, when income from mining is not the only source of revenue for companies. This allows them to wait out periods of low profitability of bitcoin mining during downturns.
Thus, despite the reduction in mining profits after the halving, large players adhere to the strategy of accumulating bitcoins, counting on their long-term prospects as an asset.