Public Bitcoin miners have been recorded to sell off their holdings faster than at any point since the market experienced its last bear market.
In the first quarter of 2026, major Bitcoin miners including Marathon Digital Holdings, Riot Platforms, Core Scientific, and Bitdeer Technologies collectively sold more than 32,000 BTC. This already exceeds the total amount sold across all of 2025 and marks a historic shift in strategy.
Source: TheEnergyMag
The reason is simple: Bitcoin miners are no longer profitable. Even though Bitcoin is still trading at relatively high levels compared to past cycles, the cost of mining has surged due to rising network difficulty and reduced rewards after the 2024 halving.
As a result, many Bitcoin miners are now focused on just surviving. Another important detail according to the recent data is that at the centre of this selling pressure is “hashprice,” a key metric that shows how much miners earn per unit of computing power. The data shares that this hashprice is lower than all historic lows, and because of that, there is squeezing margins across the industry.
A Growing Divide in Bitcoin Miners Strategy
While some companies are selling aggressively just to stay afloat, others are taking a more disciplined approach, focusing on long-term positioning instead of short-term survival.
For example, Hut 8 is taking a different path through its subsidiary, American Bitcoin. Instead of selling, the company is accumulating Bitcoin and expanding cautiously, only making moves that improve efficiency and reduce costs.
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This shift shows a deeper change in the industry. In the past, success was about growing as fast as possible and increasing hashrate. Now, the focus is on “quality growth” being efficient, managing costs, and making smarter capital decisions.
Another key factor shaping this divide is energy cost. Companies with access to very cheap power, such as those using flared natural gas, can remain profitable even when market conditions are weak. These operators can continue expanding while others are forced to scale back or sell assets.
This marks a major shift from the old model. The industry is no longer moving in one direction it is splitting into two groups: those fighting to survive and those building stronger, more efficient operations for the future.
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