Part 3/12:
Using advanced models and publicly available data, analysts estimate that in March, public miners contributed approximately 5,906 BTC, accounting for roughly 21% of total monthly mining output. This figure underscores a significant proportion of BTC being mined outside public miners' visibility, possibly in countries like Russia, China, the Middle East, and in regions with abundant free energy such as El Salvador and Ethiopia. These untracked supplies add to the intriguing supply squeeze and scarcity that momentum-driven buyers are eager to capitalize on.