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According to The Block, five North American miners: Riot, Marathon, Bitfarm, Hut8 and Argo added a total of 17,960 Bitcoin to their balance sheets as of August, including 4,812 Bitcoin purchased by Marathon Digital through the secondary market in the first quarter, worth about $820 million. This is four times more than the 4,176 Bitcoin held on December 31, 2020. The five mining companies have mined 10,500 Bitcoin this year, with nearly 40 percent of their output coming in the past two months. In August this year, they mined 1,796 Bitcoin, collectively accounting for nearly 5 percent of total global Bitcoin mining revenue so far.
Bitcoin’s current rally has yet to break out of its previous downtrend. It is suggesting a bigger correction is likely ahead. In the past few weeks, Bitcoin has been in a long short run since it fell below $50,000. These two days Bitcoin short-term rebound strength is insufficient, still did not walk out of the downward channel. Bitcoin’s price rally is under pressure. Even so, Bitcoin bounced as high as near $47,400 yesterday, but has yet to make a meaningful breakthrough. For now, the downtrend is still dominant and investors should watch $44,600 as the first support level for BTC.