Why are Bitcoin miners selling so much BTC in Q1 2026?

Bitcoin miners sold over 32,000 BTC in Q1 2026 due to declining profitability. Rising energy costs, increased competition, and lower hashprice levels have squeezed margins. Many miners are selling Bitcoin to cover operating expenses.

How much Bitcoin did miners sell compared to previous years?

Miners sold more BTC in Q1 2026 alone than in all of 2025. The 32,000 BTC sold also exceeds previous peak selling periods, including during the 2022 bear market. This marks a record level of miner liquidation.

What is hashprice and why does it matter for miners?

Hashprice measures how much revenue miners earn per unit of computing power. It is a key profitability metric in Bitcoin mining. When hashprice falls below breakeven levels, miners may operate at a loss.

Why are some Bitcoin miners unprofitable right now?

Hashprice is currently around $33 per PH/s, below the breakeven level of $35 for many miners. Older mining machines are especially affected. This puts roughly 20% of the industry in unprofitable territory.

Which companies are selling Bitcoin?

Major publicly listed miners such as MARA Holdings, CleanSpark, Riot Platforms, Core Scientific and Bitdeer have contributed to the selling. These companies are among the largest players in the sector. Their actions often reflect broader industry trends.

How are miner Bitcoin reserves changing?

Miner-held Bitcoin reserves have been declining since 2023. Holdings dropped from about 1.86 million BTC to around 1.8 million BTC. This indicates a shift from accumulation to liquidation.

Why are miners selling instead of holding Bitcoin?

Miners typically hold BTC as part of their treasury strategy, but current conditions are forcing them to sell. Lower prices, higher costs, and tighter margins reduce their ability to hold. Selling helps maintain operations and liquidity.

Are all Bitcoin-related companies selling BTC?

No, there is a split in the market. While miners are selling, Bitcoin treasury firms like Strategy Inc. are continuing to accumulate BTC. This shows different strategies based on business models.

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Bitcoin miners sell record BTC in Q1

Written by Brie CarterPublished Apr 17, 2026, 12:00 AMLast Updated May 7, 2026, 3:05 AM

Publicly listed Bitcoin miners offloaded more than 32,000 BTC in the first quarter of 2026, exceeding total sales for all of 2025 as industry pressures intensified.

The selling surge comes as profitability declines, with hashprice falling below breakeven levels of around $35 per petahash/second per day, leaving many miners operating at a loss.

“We expect further capitulation among higher-cost operators in H1 2026 unless BTC’s price recovers materially,”

Said CoinShares.

Major miners including MARA Holdings, CleanSpark, Riot Platforms, Core Scientific and Bitdeer contributed to the record sales as rising costs and competition squeezed margins.

The wave of selling marks a sharp reversal from prior accumulation trends, with total miner-held reserves declining from about 1.86 million BTC in 2023 to roughly 1.8 million BTC currently. Following the announcement the Bitcoin price was unchanged at $XX.

In contrast, Bitcoin treasury firms such as Strategy Inc. continue accumulating BTC, highlighting a growing divide between miners under financial strain and institutional buyers betting on long-term appreciation.

The trend underscores mounting pressure on the mining sector ahead of future halving cycles, as lower rewards, higher energy costs and increased network difficulty reshape industry economics.

At the time of reporting, Bitcoin price was $74,683.10.