Cryptocurrency miners are stockpiling near-record amounts of bitcoin, hoping the token will rise in value and offset a drop in new supply that will cut the rewards for verifying deals in half.
Listed miners such as Marathon Digital, CleanSpark and Bitfarms have hoarded bitcoin collectively worth about $2.8bn, according to data provider The Miner Mag, days before the reward for mining is cut in half.
After the change, due to take place on Friday, global miners will share a total of 450 new bitcoins daily, down from 900, for verifying the latest transactions in bitcoin. The quadriennal move was designed with the creation of the cryptocurrency and intended to hedge against inflation.
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