Today, Bitcoin broke through $58,000, the first time since May 12 that it has risen 1.09 percent in a day.
Cryptocurrency markets have been doing well since the start of the quarter. BTC finally broke through the $50,000 mark earlier this week and is now close to $55,000 again.
With the current market momentum, Bitcoin could soon reach $60,000 in the coming days. Most market experts and analysts are optimistic that Bitcoin will reach $100,000 by the end of the year.
According to the latest monthly production reports, U.S.-listed miners Riot, Marathon, Bitfarms, Hut8, Greenidge, Argo and HIVE mined about 6,463 bitcoins in the third quarter of this year. This figure represents 7.5% of the total number of BTC blocks available in the third quarter of 2021.
In addition, the report showed that Bitcoin mining production in Riot, Marathon, Bitfarms, Hut8, Argo and HIVE surged 82 percent in the previous quarter compared with the second quarter of this year.
While hoarding bitcoins can pay off for companies, in the long run they must consider how to pay their bills in the short term. Mining companies must consider how to pay for electricity, book new equipment, expand facilities in North America, and other utilities.
In fact, U.S. cryptocurrency mining companies are now hoarding bitcoins, which they believe will rise in price. That's because Bitcoin broke through the $55,000 mark and could reach $60,000 in the coming days.