Publicly listed Bitcoin miners are offloading coins at an unprecedented pace. In the first quarter of 2026 alone, mining firms sold over 32,000 BTC, i.e., more than they did in the entire previous year.
Major players like MARA Holdings, Riot Platforms, and CleanSpark are among those contributing to the surge in selling.
The reason is simple: profitability is under pressure. A key metric known as ‘hashprice’, which reflects mining revenue, has dropped below sustainable levels for many operators. With rising competition, lower rewards, and increasing energy costs, some miners are struggling to stay afloat.
As a result, even long-term holdings are being sold to cover operational expenses. Industry data shows that total Bitcoin reserves held by miners have been steadily declining since 2023.
Analysts warn that if Bitcoin prices do not recover soon, more high-cost miners could be forced out of the market. This phase of “miner capitulation” could reshape the industry, leaving only the most efficient operators standing.
Source: X.com
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