Gate News reports that on March 13, market maker Wintermute published a blog post stating that Bitcoin miners are facing profitability challenges in this market cycle due to reduced revenue after the halving and ongoing energy cost pressures. Wintermute recommends that miners actively manage their BTC holdings as interest-bearing assets rather than passively holding them.
Wintermute stated that the collective BTC holdings of miners approach nearly 1% of the total supply, which they consider a “legacy of the hoarding era,” and that active management tools for balance sheets are still severely undervalued. Specific strategies include monetizing market risk through derivative structures, using covered call options, employing cash-secured put options, or deploying BTC into lending protocols to earn interest.
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