nice to see an article about bitcoin mining's shonky accounting, and not about PoW itself. the other weird accounting thing: in 2021, bitcoin miners started st

nice to see an article about bitcoin mining's shonky accounting, and not about PoW itself. the other weird accounting thing: in 2021, bitcoin miners started stockpiling unsold bitcoin. This was new behaviour. Miners didn't hold onto cryptos for ages in the ten years previously - maybe for a short time, but then they sold it. I can find no sensible reason for this, except that there aren't enough actual dollars in the crypto market to sell the bitcoins without crashing the market. (I ask coiners about this from time to time. Most answers are some more complicated version of "there aren't enough actual dollars not to crash the market." Some of them confidently state that miners have magically transmuted some time in June 2021 from uncompromising economic agents into bitcoin moon boys, who are sure it'll go to a million. I don't believe them.) The miners have tended to borrow against the bitcoins - from other companies in the crypto industry. Because they all know they're all in this together.