Miners have amassed $ 600 million worth of Bitcoin since February

Bitcoin miners are piling up as the network’s hash rate continues to recover, according to on-chain analytics provider Glassnode.

September 20th Week on the chain According to reports, glassnode has stated that miners ‘BTC balances are growing, with miners’ wallets hoarding 14,000 BTC worth around $ 600 million in the past six and a half months.

The report also notes that the miners in the bull markets of 2020 and 2021 made greater profits than previous market cycles. Miners often sell BTC to cover their costs including electricity and hardware bills.

The miners’ accumulation trend continued as the bitcoin network’s hash rate rebounded over the last quarter.

Amid speculation about the exodus of major Chinese miners, Glasnnode reports that Bitcoin‘s hash power fell 51% to a local low of 90 exahashes in late June, according to Glassnode.

The network’s hash power has rebounded 52% since 137 exahashes were marked on a 7-day moving average. The hash rate recovery shows that most of the mining has now been relocated and is working again.

However, Bitcoin’s hash rate is currently 34% below its all-time high of 184 exahashes from May.

Related: Four North American bitcoin miners could benefit from the east-west shift

Although mining coffers expanded and hash rates rebounded, listed miners’ stocks fell as broader financial markets pulled back on concerns that Chinese mining giant Evergrande could soon default on its loans.

Riot Blockchain, which has invested heavily in building a new data center in Texas this year and expanding its hashing capacity, has lost 2.4% in share price since it started trading on Sept. 20.

Competitors Marathon and Hive Blockchain have both fallen a more modest 1.5% since Monday morning, while shares of Hat 8 stocks fell 5.4% over the same period – the performance for any of the North American “Big Four” miners rounded off.

Mining stocks have outperformed Bitcoin for the week so far, however, with BTC trading more than 10% to $ 42,730 at press time, according to CoinGecko.