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Public Bitcoin miners sold hard in early 2026, with more than 32,000 BTC leaving miners’ wallets in the first quarter alone—more than they offloaded during all of 2025. The pace of selling accelerated as margins tightened, operating costs rose, and hashprice remained near the floor.
Hashprice—the metric tracking expected mining revenue per unit of computing power—was around $30 per petahash per second per day, near record lows. With revenue per hash falling, miners faced a choice: sell Bitcoin to fund operations and meet financial commitments or shut down mining rigs. Many opted to liquidate reserves even though it meant selling into weaker market conditions.
Companies including Marathon, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer were cited as joining the selloff.
Not all miners reduced holdings. ABTC, the mining arm of Hut 8, added more than 7,000 BTC to its balance sheet since early 2025, continuing to build reserves rather than selling into weakness.
The firm’s approach was supported by keeping all-in cash costs at roughly $55,000 per Bitcoin. At that cost basis, ABTC could hold production instead of dumping it when prices sag. The company’s proprietary hashrate was reported at about 28 exahash per second as it continued to expand reserves.
Private miners with access to ultra-cheap electricity sources were described as continuing operations profitably even as hashprice declined. These operators reportedly relied on low-cost energy such as flared natural gas, focusing on improving efficiency within existing setups rather than expanding aggressively or raising new capital.
Bitdeer was described as changing strategy away from treating Bitcoin as a reserve asset. In January, the company produced 668 BTC and shifted to using Bitcoin as a liquidity source rather than a long-term hold. The article cited a 430% year-on-year increase in production and a self-mining hash rate reaching 63.2 exahash per second. It also noted that Bitdeer sold part of its production to convert BTC into liquidity to fund ongoing operations and further expansion.
Riot Platforms took a similar liquidity-oriented approach, selling roughly $200 million worth of Bitcoin. The proceeds were used to fund operations and support expansion into artificial intelligence. The article characterized this as a diversification effort while maintaining mining activity.
The divergence in miner behavior was attributed to differences in cost structure and access to capital. Miners able to mine profitably at current hashprice levels were more likely to hold, while those unable to cover costs were more likely to sell. The article emphasized that when revenue per hash stayed near record lows for months, cash flow needs increased and selling became survival for higher-cost operators with limited alternatives.
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