Riot Becomes 2nd Largest Bitcoin Miner, Buying 705 BTC
2024-12-11
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The skyrocketing price of Bitcoin and a few other cryptocurrencies has opened several paths for individual and institutional investors to accumulate more holdings in digital assets and profit from them in the future. 
On December 11, 2024, a blockchain intelligence firm, Arkham Intelligence, reported that Riot Blockchain, the leading digital asset miner, had bought Bitcoin worth $68.45 million. 
Additional information notes that the purchase came following Bitcoin’s recent All-time high above the mark of $103k, the company bought nearly 705 BTCs.
The transfer of bought BTCs was reported to be executed from 6 different unidentified wallets. It is worth noting that after the recent purchase, Riot is now the second largest miner holding Bitcoins for the rough value of $1 billion. 
However, Mara Holdings is officially the biggest Bitcoin holdings crypto mining firm in the world with $7.67 billion in market capitalization. 
In the past few years, a common path of selling shares or senior convertible notes many companies have gathered millions and even billions to boost their Bitcoin holdings.
Finance experts largely argue that the trend of institutional buying of Bitcoin has been majorly fueled by companies like MicroStrategy, GrayScale, and Marathon Digital; all these three companies hold Bitcoins roughly worth over $10 billion.Will Bitcoin Buying Continue to Grow in the Coming Future? 
Bitcoin has constantly proved its relevance, most recently it broke the most anticipated resistance of $100k, registering an all-time high of over $120. The spike in prices has attracted millions of new investors and billions of dollars in fresh funding. 
The back-to-back spikes in Bitcoin prices have become one of the primary factors that dragged the vast market’s market capitalization above the mark of $3.20 trillion. 
However, bullishness has been observed in some specific cryptocurrencies including, but some others have lost their prices on the verge. After analyzing the broader aspect of the digital asset market it is argued that in the next coming sessions, the market is expected to match the GDP of developing nations, in order to maintain its dominance. 
There are arguments that, following the oath ceremony of Donald Trump the market is expected to surge at a greater pace, and Bitcoin might soon cross the mark of $150k. 
Many digital assets mining firms have reported a surge in revenue and production of Bitcoin, especially after the fourth Bitcoin halving that divided the mining reward in half of which it was rewarded. 
On the other hand, miners have focused on upgrading their infrastructure by allocating a significant portion of their earnings to advanced machinery and essential equipment. Recently, Bitmain has garnered substantial attention and emerged as a dominant player in the ASIC market. Mining, in turn, has played a pivotal role in driving the rapid growth of the crypto market.
Speculations suggest that digital asset miners may see increased profits in the near future, as the crypto market anticipates the introduction of new, favorable regulations. However, the continuous rise in mining hashrate has necessitated regular upgrades to machinery and hardware.