Bitcoin’s mining sector entered 2026 under significant pressure. The latest data shows that publicly traded mining companies sold more bitcoins in the first quarter than in all of 2025. The reasons are deteriorating economic conditions, growing competition, and declining profitability.
Article Contents – Bitcoin Sell-Off:
Record sales: miners dumping bitcoins in large volumes
According to a report by TheMinerMag and data from TheEnergyMag, companies such as MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer sold a combined total of more than 32,000 BTC in the first quarter of 2026. This exceeded even the strong bear market period in 2022 following the Terra-Luna collapse, when miners sold approximately 20,000 BTC throughout the entire second quarter.
Current figures thus represent the highest quarterly sales volume on record and demonstrate that pressure on the mining sector has intensified significantly.
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Profitability plummets: hashprice on the edge of survival
Behind the sharp increase in sales is primarily the deteriorating economics of mining. The key profitability indicator, known as hashprice—the revenue per unit of computing power—has dropped according to Hashrate Index to record lows below $35 per petahash per second per day.
It currently hovers around $33, which is below the profitability threshold for many miners—particularly those operating older equipment. Estimates suggest that approximately 20% of the mining sector is now operating at a loss.
Growing pressure: competition, halving, and macroeconomics
The situation is further exacerbated by a combination of several factors. The overall hashrate is increasing, meaning greater competition among miners, block rewards have been reduced, and the sector is also affected by unfavorable macroeconomic conditions.
The result is a market divided into two groups. One segment of miners is forced to sell their bitcoin reserves to cover operational costs, while the other tries to hold BTC as a strategic asset for future growth.
Reserves declining: miners tapping into “corporate treasuries”
Long-term trends indicate that miners’ bitcoin reserves are gradually declining. According to CryptoQuant data, miners held more than 1.86 million BTC at the end of 2023, whereas now it stands at approximately 1.8 million BTC.
The decline is related not only to routine operational financing but also to pressure from lower cryptocurrency prices and rising energy costs, forcing some companies to sell even portions of their strategic reserves.
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Another wave of miner “capitulation” looms
Analysts also warn that pressure on miners may not be over. According to investment firm CoinShares, further “capitulation” can be expected in the first half of 2026, particularly among less efficient players, unless bitcoin’s price increases significantly.
On the opposite side of the market stand the so-called bitcoin treasury companies. These, on the contrary, continue buying. An example is Strategy, co-founded by Michael Saylor.
In recent days, he indicated that the company is once again increasing its bitcoin positions, despite the cryptocurrency’s price correcting slightly after reaching a local peak above $73,000. “Think bigger,” Saylor stated when sharing the company’s acquisition chart, which is often a harbinger of further purchases.
Market at breaking point: coming months will decide
The current situation reveals growing tension within the bitcoin ecosystem. While part of the market is forced to sell for survival, other players view the declines as an opportunity for accumulation.
Developments in the coming months will largely depend on whether bitcoin’s price can return to growth and thus provide relief to the mining sector.
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