By Shelly Melancon (Switzerland)
The price of the flagship cryptocurrency may have slipped to below $60k for the first time in over two weeks, but long-term holders remain unperturbed by the turnout of events, as BTC accumulation continues to set new records. According to IntoTheBlock, the number of BTC addresses storing the flagship cryptocurrency for more than a year has hit a new all-time-high, with a consistent increase in the past twelve months.
For a long time, long-term BTC holders have been major players in the crypto sphere and influence Bitcoin prices in some scenarios. IntoTheBlock reveals that these patient holders have a lower cost basis of $17,750, which leaves them at a great advantage.
Funding Rates Also Drops, As Mining Revenue Hits $1.8B
Aside from BTC holders accumulating at the dips, finding rates have also witnessed a significant drop. Data from IntoTheBlock shows that funding rates have declined, lower than the ones witnessed during Q1 of 2021.
The data analytic firm explains that the drop in this funding rate signifies that the deleverage market is showing less speculation. This could result in a more solid consolidation for the flagship asset.
Dylan LeClair, on-chain analyst, disclosed that revenue from BTC mining reached $1.8B in October, larger than any 30-day period since mining began. It shows that BTC miners are back on their feet after a tumultuous period, following the crackdown initiated by China in May. It was at this period that BTC price plummeted to $30k for the first time since March following a 200-day moving average.
The crackdown also impacted mining companies like BeePool, and caused the relocation of others to crypto-friendly countries. BTC hash rate negatively, as it dropped nearly 100 Exahashes.
Miners Have Sought Refuge in Other Countries
BTC mining remains unwelcomed in China, but miners have sought refuge in other countries with flexible crypto mining laws, such as Argentina, Russia, Kazakhstan, and the United States. After a mass exodus from the South East Asian country, BTC miners are starting to breathe new air and have finally settled in their new homes.
Even though China still has the lion share of BTC mining accounting for nearly 46%, countries like the United States have risen through the ranks and are breathing on the neck of the South East Asian nation. The U.S remains the most attractive spot for mining activities, but counties, such as Russia and Kazakhstan are also gaining ground due to their cheap renewable energies and relatively cold climate. Kazakhstan’s BTC mining has jumped 7.2% since the clampdown, while Russia rose to 6.5%.
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