Bitcoin, Crypto Mining News

Bitcoin miners holding their BTC into cold storage

A chart presented by famous analytics collector Glassnode shows a significant rise in the Miners Net Position Change indicator. This designates that BTC miners remain to tuck away their minted Bitcoin into long-term cold storage, preferably than selling it.

Miners Net Position Change index keeps going green.

A Glassnode chart given by the CIO of Moskovski Capital notes that miners remain to accumulate the world’s primary digital currency and are far from thinking about selling it at the moment.

This indicator first turned green this year on Feb. 27, and it was the first time it began going green since Dec. 27.

Bitcoin keeps recovering after the recent fall.

The king cryptocurrency continues to recover its recent gains. After plunging to the $47,000 level on Monday, Bitcoin has surged to the $54,767 area by now, as per data from CoinMarketCap.

bitcoin miner

Musk and Portnoy’s Bitcoin debate

Curiously, earlier today, CEO of Tesla and SpaceX Elon Musk stood up to Barstool Sports chief Dave Portnoy, telling him that he has been holding tight to his Bitcoin stash. In contrast, Tesla had sold 10 percent of the BTC from its balance sheet to prove the coin’s liquidity.

While, on Monday, Portnoy tweeted that he had bought a single Bitcoin. 

He decided not to buy more for fear of another volatility wave, which made him sell his BTC and LINK back in August 2020 after being convinced to enter crypto by the Winklevoss twins.

Elon Musk Addresses Accusations About Pumping and Dumping Bitcoin

elon musk

Tesla has taken some chips off the table but still views Bitcoin as a long-term bet.

Tesla CEO Elon Musk claims that he hasn’t sold any of his Bitcoin when confronted by Barstool Sports’ Dave Portnoy.

He explains that the e-car manufacturer cashed out 10 percent of its cryptocurrency holdings to prove the asset’s liquidity.

bitcoin mining
Image by @elonmusk

Tesla has sold $272 million worth of Bitcoin, securing a profit of $101 million.

The company initially disclosed its mammoth $1.5 billion investment in the world’s largest cryptocurrency in early February.        

Last month, Tesla also adopted Bitcoin as a new payment method.

A long-term bet

During Tesla’s earnings call, CFO Zachary Kirkhorn said that Bitcoin was “a good decision” for the company:

Bitcoin has shown to be a reasonable conclusion, an excellent place to put some of our cash that’s not being used for daily operations…and be able to get some return on that.

The e-car maker views its remaining Bitcoin as a long-term holding:    

We do believe long-term in the value of bitcoin, so we intend to hold what we have long-term.

Kirkhorn, the self-proclaimed “Master of Coin,” also said that the company could buy more in the future.

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