{"id":553022,"date":"2023-09-27T00:00:03","date_gmt":"2023-09-27T00:00:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=553022"},"modified":"2024-06-11T08:04:29","modified_gmt":"2024-06-11T08:04:29","slug":"analyst-uncovers-blackrock-long-interest-in-bitcoin-mining-details","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analyst-uncovers-blackrock-long-interest-in-bitcoin-mining-details\/","title":{"rendered":"Analyst Uncovers BlackRock Long Interest In Bitcoin Mining &#8211; Details"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Based on a<a href=\"https:\/\/x.com\/Jamie1Coutts\/status\/45487974?s=20\" target=\"_blank\" rel=\"noopener nofollow\"> recent report<\/a> by Bloomberg analyst Jamie Coutts, asset managers&#8217; interest in Bitcoin stretches beyond exchange-traded funds (ETF) into the mining sector. <\/span><span style=\"font-weight: 400\">In particular, Coutts speaks about BlackRock, describing the asset manager\u2019s application with the US Securities and Exchange Commission (SEC) to offer a <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/analyst-blackrock-bitcoin-spot-etf-may-unlock-trillion\/\" target=\"_blank\" rel=\"noopener \">Bitcoin spot ETF<\/a> as \u201cunsurprising.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The analyst stated that BlackRock and other prominent global asset managers, namely Vanguard and State Street, have been involved in the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-mining-sustainably-powered-global-industry\/\" target=\"_blank\" rel=\"noopener \">Bitcoin mining<\/a> industry for over three years.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In hindsight, <a href=\"https:\/\/twitter.com\/hashtag\/BlackRock?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BlackRock<\/a>&#39;s massive <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> spot ETF play shouldn&#39;t have been that surprising. Along with other behemoths (Vanguard, StateStreet) who espouse <a href=\"https:\/\/twitter.com\/hashtag\/ESG?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#ESG<\/a>-driven investing principles, they started scooping up public mining stock back in 2020<\/p>\n<p>ESG, Institutionalization\ud83e\uddf5 <a href=\"https:\/\/t.co\/VcKX8TrgZ2\" rel=\"nofollow\">pic.twitter.com\/VcKX8TrgZ2<\/a><\/p>\n<p>&mdash; Jamie Coutts CMT (@Jamie1Coutts) <a href=\"https:\/\/twitter.com\/Jamie1Coutts\/status\/45487974?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-mining-difficulty-hits-new-all-time-high-as-btc-price-moves-sideways\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Mining Difficulty Hits New All-Time High As BTC Price Moves Sideways<\/a><\/div>\n<h2><span style=\"font-weight: 400\">BlackRock And Other ESG-Driven Companies Investing In Bitcoin Mining, Analyst Says<\/span><\/h2>\n<p><span style=\"font-weight: 400\">James Coutts stated that BlackRock began its venture into Bitcoin mining in 2020 by investing in Marathon Digital, the second-largest publicly traded mining company.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, this development occurred when the Bitcoin mining industry faced high criticism, likely due to the substantial reliance on fossil fuels.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Over the last three years, Coutts reports that BlackRock, Vanguard, and State Street have increased their respective investments in Bitcoin mining companies, regardless of the market cycle.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, all three asset managers are known to promote Environmental, Social, and Governance (ESG) investment principles, part of which is limiting fossil fuel use.\u00a0<\/span><span style=\"font-weight: 400\">However, it appears that investing in Bitcoin mining may not damage the ESG credentials of these companies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to a report by Daniel Batten, co-founder of CH4 Capital, James Coutt notes that Bitcoin mining currently derives 50% of its energy from sustainable sources. And this percentage is likely to increase as Bitcoin mining has the unique ability to monetize stranded energy and stabilize energy grids.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/arthur-hayes-blackrock-spot-bitcoin-etf\/\" target=\"_blank\" rel=\"noopener \">Here\u2019s Why Arthur Hayes Is Not In Support Of A BlackRock Spot Bitcoin ETF<\/a><\/div>\n<h2><span style=\"font-weight: 400\">Potential Effect Of Bitcoin Mining Institutionalization<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Based on James Coutts\u2019s report, BlackRock and the two other asset managers in the discussion are currently the top investors in the three largest publicly traded mining companies, namely Marathon Digital, Riot Platforms, and Cleanspark.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Together, these mining companies collectively own 8.9% of the global hash rate, which is significant as public miners only account for 15% of the global hash power.<\/span><\/p>\n<pre style=\"text-align: center\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-553025\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/83592E57-B3F6-4A0B-8304-7E3BEF48DA89.jpeg?w=860&#038;resize=860%2C522\" alt=\"BlackRock\" width=\"860\" height=\"522\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/83592E57-B3F6-4A0B-8304-7E3BEF48DA89.jpeg?w=1079 1079w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/83592E57-B3F6-4A0B-8304-7E3BEF48DA89.jpeg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/83592E57-B3F6-4A0B-8304-7E3BEF48DA89.jpeg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/83592E57-B3F6-4A0B-8304-7E3BEF48DA89.jpeg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/83592E57-B3F6-4A0B-8304-7E3BEF48DA89.jpeg?w=750 750w\" sizes=\"(max-width: 860px) 100vw, 860px\">Source: Bloomberg Intelligence<\/pre>\n<p><span style=\"font-weight: 400\">For now, James Coutts believes that the involvement of these asset managers in Bitcoin mining poses little challenge to the network\u2019s decentralization.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the analyst notes that there may be a future clash of network and ESG values, especially given the activist tendencies of BlackRock, Vanguard, and State Street.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, this would not prevent the Bitcoin network from operating as expected. But it may lead other miners whose operations still rely on fossil fuels to start processing \u201ccensored transactions.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin trades at $26,198.48, with a 0.57% gain in the last month, according to <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">data from Tradingview.\u00a0<\/a><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/ccLBkN0S\/\" alt=\"BlackRock\" width=\"1479\" height=\"906\"><\/p>\n<pre style=\"text-align: center\">BTC trading at $26,198.48 on the hourly chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from The New Yorker, chart from Tradingview<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Based on a recent report by Bloomberg analyst Jamie Coutts, asset managers&#8217; interest in Bitcoin stretches beyond exchange-traded funds (ETF) into the mining sector. In particular, Coutts speaks about BlackRock, describing the asset manager\u2019s application with the US Securities and Exchange Commission (SEC) to offer a Bitcoin spot ETF as \u201cunsurprising.\u201d\u00a0 The analyst stated that BlackRock and other prominent global asset managers, namely Vanguard and State Street, have been involved in the Bitcoin mining industry for over three years.\u00a0 Related Reading: Bitcoin Mining Difficulty Hits New All-Time High As BTC Price Moves Sideways BlackRock And Other ESG-Driven Companies Investing In Bitcoin Mining, Analyst Says James Coutts stated that BlackRock began its venture into Bitcoin mining in 2020 by investing in Marathon Digital, the second-largest publicly traded mining company. Notably, this development occurred when the Bitcoin mining industry faced high criticism, likely due to the substantial reliance on fossil fuels. Over the last three years, Coutts reports that BlackRock, Vanguard, and State Street have increased their respective investments in Bitcoin mining companies, regardless of the market cycle.\u00a0 Interestingly, all three asset managers are known to promote Environmental, Social, and Governance (ESG) investment principles, part of which is limiting fossil fuel use.\u00a0However, it appears that investing in Bitcoin mining may not damage the ESG credentials of these companies.\u00a0 According to a report by Daniel Batten, co-founder of CH4 Capital, James Coutt notes that Bitcoin mining currently derives 50% of its energy from sustainable sources. And this percentage is likely to increase as Bitcoin mining has the unique ability to monetize stranded energy and stabilize energy grids.\u00a0 Related Reading: Here\u2019s Why Arthur Hayes Is Not In Support Of A BlackRock Spot Bitcoin ETF Potential Effect Of Bitcoin Mining Institutionalization Based on James Coutts\u2019s report, BlackRock and the two other asset managers in the discussion are currently the top investors in the three largest publicly traded mining companies, namely Marathon Digital, Riot Platforms, and Cleanspark.\u00a0 Together, these mining companies collectively own 8.9% of the global hash rate, which is significant as public miners only account for 15% of the global hash power. Source: Bloomberg Intelligence For now, James Coutts believes that the involvement of these asset managers in Bitcoin mining poses little challenge to the network\u2019s decentralization. However, the analyst notes that there may be a future clash of network and ESG values, especially given the activist tendencies of BlackRock, Vanguard, and State Street. However, this would not prevent the Bitcoin network from operating as expected. But it may lead other miners whose operations still rely on fossil fuels to start processing \u201ccensored transactions.\u201d At the time of writing, Bitcoin trades at $26,198.48, with a 0.57% gain in the last month, according to data from Tradingview.\u00a0 BTC trading at $26,198.48 on the hourly chart | Source: BTCUSDT chart on Tradingview.com Featured image from The New Yorker, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":553027,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[640,7720,83971,11313,89487,88619],"class_list":["post-553022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-mining","tag-blackrock","tag-bloomberg-analyst","tag-esg","tag-state-street","tag-vanguard"],"acf":[],"yoast_head":"\n<title>Analyst Uncovers BlackRock Long Interest In Bitcoin Mining - Details<\/title>\n<meta name=\"description\" content=\"Analyst Jamie Coutts reports that the interest of BlackRock in Bitcoin stretches beyond exchange-traded funds (ETF) into the Bitcoin mining.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/analyst-uncovers-blackrock-long-interest-in-bitcoin-mining-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst Uncovers BlackRock Long Interest In Bitcoin Mining - Details\" \/>\n<meta property=\"og:description\" content=\"Analyst Jamie Coutts reports that the interest of BlackRock in Bitcoin stretches beyond exchange-traded funds (ETF) into the Bitcoin mining.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/analyst-uncovers-blackrock-long-interest-in-bitcoin-mining-details\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-27T00:00:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T08:04:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/FE758943-72B4-4472-B730-B19CFC93D69F.jpeg?fit=2560%2C1709\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1709\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Semilore Faleti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SemiloreFaleti\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semilore Faleti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/analyst-uncovers-blackrock-long-interest-in-bitcoin-mining-details\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/analyst-uncovers-blackrock-long-interest-in-bitcoin-mining-details\/\"},\"author\":{\"name\":\"Semilore Faleti\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/6280b76d69630ffb2f2fa78670d85d49\"},\"headline\":\"Analyst Uncovers BlackRock Long Interest In Bitcoin Mining &#8211; 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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