Public bitcoin miners experienced a significant selling spree in the first quarter of 2026, offloading over 32,000 BTC. This figure surpasses the total net sales from all four quarters of 2025 and marks a new industry record. Data from TheEnergyMag reveals that this amount also exceeds the approximately 20,000 BTC sold during the second quarter of 2022, which was largely influenced by the Terra-Luna collapse.
The reasons behind this record selling are deeply tied to the current dynamics within the mining industry following the 2024 halving event. Although Bitcoin continues to trade above its previous cycle peak, the mining ecosystem is facing severe economic challenges. The network difficulty has surged to about ten times higher than in 2021, while block rewards have been halved. Additionally, the hash price has plummeted to the low $30 per PH/s range, nearing all-time lows. This combination of factors has resulted in tightened margins for many operators, especially those utilizing older mining fleets or facing elevated energy costs.
A host of mining companies, including Marathon Digital Holdings (MARA), CleanSpark (CLSK), Riot Blockchain (RIOT), Cango, Core Scientific (CORZ), and Bitdeer (BTDR), have contributed to this unprecedented trend by liquidating Bitcoin holdings to fortify their balance sheets, fund ongoing operations, and manage debt in an increasingly expensive financing environment.
Despite the overwhelming backdrop of selling, the narrative isn’t entirely homogeneous across the industry. For instance, Hut 8’s proprietary mining division, American Bitcoin, reported accumulating reserves of over 7,000 BTC by early April. The company has also been increasing its hashrate to 28 EH/s. According to President and interim CFO Matt Prusak, Hut 8 is prioritizing “quality growth” rather than merely chasing larger hashrate numbers.
This divergence suggests that the mining sector is evolving beyond a single business model. Different mining operators are now navigating distinct pathways shaped by varying economic pressures, balance-sheet capabilities, and their ability to continue growing without excessive reliance on Bitcoin sales.
As of now, Bitcoin is priced at $74,983 U.S. per digital token.
