- Public Bitcoin miners like MARA and CleanSpark sold over 32,000 BTC in Q1 2026, setting a new single-quarter record.
- Hashprice, a key profitability metric, is near a record low of ~$33 PH/s/day, putting 20% of miners in unprofitable territory.
- While miners sell, corporate treasuries like Strategy continue to buy, with co-founder Michael Saylor signaling recent acquisitions.
- The total Bitcoin Miner Reserve has been in a gradual decline since 2023, falling from over 1.86 million to about 1.8 million BTC.
Public Bitcoin mining companies including MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer have collectively sold more than 32,000 BTC in the first quarter of 2026, according to TheEnergyMag. This massive Q1 liquidation surpasses all of 2025’s sales and sets a new record, exceeding the 20,000 BTC sold in Q2 2022 during the Terra-Luna bear market.
These sales coincide with a critical drop in miner profitability, as data from Hashrate Index shows the hashprice sitting near record lows of about $33 per petahash/second per day. Consequently, with the breakeven cost near $35 PH/s/day, roughly 20% of the mining industry now operates at a loss.
The industry is struggling with rising network hashrate, reduced block rewards, and broader macroeconomic pressures. Asset manager CoinShares noted in its Q1 2026 Bitcoin Mining Report that it expects “further capitulation among higher-cost operators in H1 2026 unless BTC’s price recovers materially.”
Meanwhile, the total Bitcoin Miner Reserve has been gradually declining, falling from over 1.86 million BTC at the end of 2023 to about 1.8 million currently, according to CryptoQuant. Standing in contrast, corporate Bitcoin treasuries like Strategy continue to be buyers.
Strategy co-founder Michael Saylor signaled new acquisitions this week as Bitcoin’s price retreated from a local high over $73,000, saying on Sunday, “Think bigger.” This creates a dynamic where pressured miners are selling while long-term corporate holders accumulate.
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