As the Bitcoin market grapples with significant pressures, recent data reveals that miners have offloaded over 32,000 BTC in a mere three months, marking an unprecedented wave of selling in the industry. This trend is indicative of a broader struggle within the Bitcoin mining sector, where approximately 20% of miners are currently facing operational losses. The situation has escalated in early 2026 as publicly traded mining companies scramble to sell their holdings simply to maintain operations.
One of the primary culprits behind this distress is the decline in hashprice—the daily revenue miners earn per unit of computing power—which has been on a downward trajectory since mid-2025. Currently, the hashprice stands at around $33 per petahash per second, just shy of the breakeven point of $35 for many miners, particularly those utilizing older mining rigs. This seemingly small gap is pushing numerous operations into negative territory, prompting a wave of asset liquidation.
Notable publicly traded miners, including Marathon Digital Holdings (MARA), CleanSpark, Riot Blockchain, Cango, Core Scientific, and Bitdeer, collectively sold more Bitcoin in the first quarter of 2026 than in any full year of 2025. This mass sell-off has eclipsed the previous quarterly record of approximately 20,000 BTC, set during the tumultuous second quarter of 2022, when the Terra-Luna collapse rattled the crypto markets.
The pressures on miners have been intensifying due to a trifecta of challenges: an increasing network hashrate creating fiercer competition, reduced block rewards following the last halving event, and the persistent economic headwinds that have kept Bitcoin prices under pressure. Over the past few years, the total Bitcoin held by miners has shown a steady decline, dropping from 1.86 million BTC at the end of 2023 to around 1.8 million BTC today, a trend that could be exacerbated if prices do not recover significantly soon.
In contrast to the miners’ retreat, corporate buyers have been stepping up their acquisition efforts. Strategy, the largest Bitcoin treasury firm, has been actively increasing its holdings, with co-founder Michael Saylor hinting at imminent purchases through recent communications with followers. As the market continues to evolve, the dynamic between miners selling off assets and corporate buyers accumulating Bitcoin presents a fascinating narrative for the future of cryptocurrency.