This marks a new low for the sector.
Public bitcoin mining companies sold more than 32,000 BTC▲$64,158.00 in the first quarter of 2026. This new record exceeds their total sales for all of 2025 and even surpasses the second quarter of 2022 following the Terra (LUNA) ecosystem collapse.
Related: Bitdeer Overtakes MARA in Mining Power, Becoming Top Public Miner
Major sellers included MARA Holdings, CleanSpark, Riot Platforms, Cango, Core Scientific, and Bitdeer.
Why Miners Are Selling Bitcoin
Sales are occurring amid record low hashprice, which remains below $35 per PH/s per day. The $35 level is considered the breakeven point for many miners, especially those using older equipment. With the current hashprice around $33, approximately 20% of the industry is operating at a loss.
Additional pressure comes from rising mining difficulty, reduced block rewards following the 2024 halving, and high electricity costs.
Related: Bitcoin Mining Hashrate Falls 5.8% as Older Rigs Shut Down
Reserve Dynamics
According to CryptoQuant, aggregate reserves held by public miners continue to decline. At the end of 2023, they held 1.86 million BTC. Today, approximately 1.8 million BTC remain on their balance sheets.
Unlike miners, companies with large corporate treasuries, such as Strategy, continue to actively buy bitcoin.
CoinShares analysts warn that without a significant rise in BTC price in the first half of 2026, further capitulation among the most costly mining operators can be expected.
Check out our Mining Cryptocurrency Calculator—Check Profitability in Seconds
