BRN Analyst: Miners Seem to Be Accumulating Bitcoin
BRN's chief analyst Valentin Fournier said that in addition to accumulating mining rewards, mining companies seem to directly purchase bitcoin from the market to increase their reserves. He added: "They triggered the HashRibbon signal, which is a long-term bullish indicator, indicating the end of miner capitulation and an increase in processing power for mining bitcoin."
One of the miners participating in large-scale bitcoin purchases is MARA, which recently renamed from Marathon Digital and announced on Thursday that it has purchased an additional $100 million worth of bitcoin.
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