> Large miners have capital reserves to hold the Bitcoin if they can't sell it profitably. I'm guessing 2 years runway for well managed large operations. “Wel

> Large miners have capital reserves to hold the Bitcoin if they can't sell it profitably. I'm guessing 2 years runway for well managed large operations. “Well managed” is the key sentence here. A number of larger miners became addicted to using cheap capital to fuel massive hashrate growth, and it’s coming back to bite them. Riot Blockchain had about one quarter of cash left as of their last filing; they’ve been selling off digital currency holdings into a falling market.