Bitcoin Miners Continue Accumulating BTC Instead of Cashing Out, Report Shows

Market Context

Mining companies have historically sold portions of their production to cover costs, capex, and operations. But as BTC prices have strengthened and capital conditions shift, many miners are choosing retention over selling. This behavior reinforces bullish supply-side dynamics—less sell pressure from one of the most consistent supply sources—and amplifies scarcity narratives in the broader crypto ecosystem.

Technical Details with Attribution

• Mara Holdings Data: In September, Mara mined 736 BTC, of which 373 BTC were deposited into its reserve. This boosts its total reserve to 53,850 BTC (~€5.5 billion) in value. 
• Operational Metrics: Mara produced 218 blocks (a ~5% increase month-over-month) and reported a 1% hashrate growth, aided by its fully operational wind farm in Texas. 
• Cango Behavior: Cango reported mining 616.6 BTC in the same period—and added all of it to reserves, raising its holding to about 5,800 BTC. 
• Comparison with Larger Players: While Mara is among top accumulators, it is not the largest holder. Strategy (formerly MicroStrategy) still holds the biggest stash by absolute BTC count—640,031 BTC, valued in the tens of billions. 

Analyst Perspectives 

Analysts view miner accumulation as a positive signal—miners, who see Bitcoin's cost structure and network health, may have conviction about future price direction. But they also warn that continued accumulation requires maintaining strong operating margins, especially in volatile macro environments. If BTC were to correct sharply, some miners may eventually sell to cover costs. The key test will be whether miners balance accumulation with prudent risk management.

Global Impact Note

If the trend of miners accumulating BTC continues broadly, it could tighten available supply on exchanges and intensify upward pressure on price. Globally, it may influence how institutional and retail investors view the scarcity narrative. Also, it could set a precedent for how mining economics evolve in future cycles, with less reliance on offloading yield and more on treasury accumulation.