Bitcoin miners have stopped the sale of cryptocurrency No. 1 from their reserves

The profitability of bitcoin mining improved in February for a number of reasons.

In February, there is a stabilization of bitcoin reserves among miners of this cryptocurrency around the world. Miners have reduced the sales of cryptocurrency No. 1 to almost zero to finance their activities, and the profitability of mining has improved.

The February stable state with BTC reserves is observed after in January, against the background of the bitcoin price rally, some miners sold the No. 1 cryptocurrency to profit from positive market conditions.

A positive factor for miners is the launch of Ordinals, that is, the possibility of creating non- fungible tokens (NFT) on the bitcoin blockchain. Recall that some participants of the cryptosphere are working to build DeFi, NFT and DAOs on the basis of the bitcoin blockchain. In February, there was a noticeable increase in the average bitcoin block size due to Ordinals, to a new historical maximum of 2.52 megabytes. For miners, this means an increase in the potential to receive more transaction fees.

In terms of the volume of connected mining capacity, by mid-February, the hashrate indicator has increased by 34% over the past 12 months and by 50% over the past two years. The bitcoin price in February has already tested values above 25 thousand dollars. Since the beginning of the year, cryptocurrency No. 1 has risen by 48.8%, surpassing the profitability of the S&P 500, which gave investors a return of only 6.24%. Investments in shares of one of the most popular ETFs on shares of gold mining companies (SPDR Gold Shares) in the world have demonstrated a yield of less than 1% (0.95%).