Bitcoin miners sold record 32,000 BTC in Q1 2026

Publicly traded bitcoin mining companies sold more than 32,000 BTC in the first quarter of 2026. This exceeds any quarterly total from 2025. The data highlights tightening conditions across the crypto mining industry.

Public miners sharply increased bitcoin sales

According to TheMinerMag and TheEnergyMag, major public miners collectively sold over 32,000 BTC during Q1 2026. The list includes MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer.

This figure surpasses the previous peak recorded in Q2 2022. At that time, the crypto market faced stress after the Terra-Luna collapse. As a result, Q1 2026 marks a new record for miner BTC liquidations.

Key highlights:

• over 32,000 BTC sold in Q1 2026
• previous peak was ~20,000 BTC in Q2 2022
• major public miners involved
• highest quarterly sales on record

Declining hashprice reduces mining profitability

The main pressure comes from declining hashprice. This metric reflects miner revenue per unit of computational power. In early 2026, it dropped below $35 per PH/s per day.

Current levels are around $33, which is below breakeven for many operators. This is especially true for miners running older hardware.

Additional pressure factors include:

• rising global hash rate
• reduced block rewards
• increasing energy costs
• macroeconomic headwinds

Analysts estimate that about 20% of mining capacity is now unprofitable.

Declining miner reserves shift market balance

Increased BTC selling by miners adds downward pressure on price. Companies are forced to liquidate holdings to cover operating costs.

At the same time, miner reserves have been declining. Data from CryptoQuant shows holdings dropped from 1.86 million BTC in 2023 to around 1.8 million BTC in 2026.

Key implications:

• increased BTC supply in the market
• declining miner reserves
• higher volatility
• risk of further miner capitulation

CoinShares analysts expect continued pressure unless bitcoin price recovers significantly.

Mining industry enters a consolidation phase

The mining industry is entering a consolidation phase. High-cost operators face increasing risks. Meanwhile, efficient players gain stronger positions.

At the same time, treasury companies are taking the opposite approach. Firms like Strategy continue accumulating BTC.

This creates contrasting trends:

• miners sell BTC to survive
• investors accumulate long-term positions
• competition intensifies
• efficiency becomes critical

As a result, the industry structure is shifting. The focus is moving from scale to sustainability.

Read also: Canaan mined 89 BTC in March 2026