{ "id": 72845, "date": "2026-04-17T09:02:11", "date_gmt": "2026-04-17T02:02:11", "guid": { "rendered": "https:\/\/hbbgroup.net\/public-crypto-miners-sold-more-btc-in-q1-2026-than-all-of-2025-report\/" }, "modified": "2026-04-17T09:02:11", "modified_gmt": "2026-04-17T02:02:11", "slug": "public-crypto-miners-sold-more-btc-in-q1-2026-than-all-of-2025-report", "status": "publish", "type": "post", "link": "https:\/\/hbbgroup.net\/en_us\/public-crypto-miners-sold-more-btc-in-q1-2026-than-all-of-2025-report\/", "title": { "rendered": "Public crypto miners sold more BTC in Q1 2026 than all of 2025: Report" }, "content": { "rendered": "
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Publicly traded Bitcoin (BTC<\/a>) mining companies sold more BTC in Q1 2026 than in all four quarters of 2025, as business conditions tighten for the mining industry.\u00a0<\/p>\n

Publicly listed BTC miners, including MARA, CleanSpark, Riot, Cango, Core Scientific and Bitdeer, have collectively sold more than 32,000 BTC<\/a> in Q1 2026, according<\/a> to TheEnergyMag.<\/p>\n

The Q1 sales surpassed the 20,000 BTC sold in Q2 2022 during the crypto bear market triggered by the collapse of the Terra-Luna ecosystem<\/a>, setting a \u201cnew record\u201d for BTC miner sales in a single quarter, TheMinerMag said.\u00a0<\/p>\n

\"Mining,
Quarterly BTC liquidations by publicly traded Bitcoin mining companies, Q1 2022-Q1 2026. Source: <\/em>TheEnergyMag<\/em><\/a><\/figcaption><\/figure>\n

The sales come as hashprice, that is, the computing cost and a critical metric for miner profitability, sits at record low levels under $35 per petahash\/second per day (PH\/s), according to data<\/a> from Hashrate Index.<\/p>\n

That $35 PH\/s level is the breakeven for many Bitcoin miners, particularly those running older mining machines, and the current hashprice of about $33 PH\/s per day places about 20% of the mining industry<\/a> in unprofitable territory.\u00a0<\/p>\n

\"Mining,
Hashprice for BTC miners has been declining since July 2025 and now sits at about $33 PH\/s per day. Source: <\/em>Hashrate Index<\/em><\/a><\/figcaption><\/figure>\n

The heavy BTC sales come as the mining industry struggles with increased competition represented by a rising hashrate<\/a>, the total computing power expended by miners to secure the network, reduced block rewards and macroeconomic headwinds.\u00a0<\/p>\n

Related: <\/strong><\/em>Bitcoin miners face a tougher road to the 2028 halving<\/strong><\/em><\/a><\/p>\n

BTC held by miners has been declining long-term while treasury companies pour in<\/h2>\n

The Bitcoin Miner Reserve, a metric tracking all the BTC held by miners, has been gradually decreasing since 2023, according to CryptoQuant<\/a>.<\/p>\n

Bitcoin miners collectively held over 1.86 million BTC at the end of 2023, but only hold about 1.8 million BTC at the time of publication.<\/p>\n

\"Mining,
The total number of BTC held by Bitcoin miners has been gradually declining since 2023. Source: <\/em>CryptoQuant<\/em><\/a><\/figcaption><\/figure>\n

Miners periodically sell portions of their BTC to cover operating expenses, but a combination of lower crypto prices and rising energy costs has forced some miners to offload coins they would have held in their corporate treasuries.<\/p>\n

\u201cWe expect further capitulation among higher-cost operators in H1 2026 unless BTC\u2019s price recovers materially,\u201d asset manager CoinShares said in its Q1 2026 Bitcoin Mining Report<\/a>.<\/p>\n

Standing in sharp contrast to the miners\u2019 selling are Bitcoin treasury companies, like Strategy, which has been a regular buyer of the biggest crypto.<\/p>\n

Michael Saylor, the co-founder of the biggest Bitcoin treasury company, earlier this week signaled that Strategy is acquiring more BTC<\/a>, as the price retreated from the local high of over $73,000 reached this week.<\/p>\n

\u201cThink bigger,\u201d Saylor\u00a0said<\/a>\u00a0on Sunday, while sharing the chart of Strategy\u2019s BTC purchase history that has become synonymous with imminent BTC acquisitions.<\/p>\n

Magazine: <\/strong><\/em>Bitcoin mining industry \u2018going to be dead in 2 years\u2019: Bit Digital CEO<\/strong><\/em><\/a><\/p>\n