Bitcoin Mining Companies Increase BTC Sales Amid Industry Challenges
Publicly traded Bitcoin mining companies have sold more Bitcoin (BTC) in the first quarter of 2026 than in all four quarters of 2025, reflecting tightening business conditions within the mining industry. According to Cointelegraph, these companies, including MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer, collectively sold over 32,000 BTC in Q1 2026, as reported by TheEnergyMag. This figure surpasses the 20,000 BTC sold in Q2 2022 during the crypto bear market triggered by the Terra-Luna ecosystem collapse, setting a new record for BTC miner sales in a single quarter, according to TheMinerMag.
The increased sales occur as hashprice, a critical metric for miner profitability that represents computing cost, remains at record low levels under $35 per petahash/second per day (PH/s), based on data from Hashrate Index. This $35 PH/s level is the breakeven point for many Bitcoin miners, especially those operating older mining machines. The current hashprice of approximately $33 PH/s per day places about 20% of the mining industry in unprofitable territory. Hashprice for BTC miners has been declining since July 2025 and now sits at about $33 PH/s per day, according to Hashrate Index.
The mining industry faces increased competition due to a rising hashrate, reduced block rewards, and macroeconomic challenges. The Bitcoin Miner Reserve, which tracks all BTC held by miners, has been gradually decreasing since 2023, as noted by CryptoQuant. Bitcoin miners collectively held over 1.86 million BTC at the end of 2023 but currently hold about 1.8 million BTC. Miners periodically sell portions of their BTC to cover operating expenses, but lower crypto prices and rising energy costs have forced some to offload coins they would have held in their corporate treasuries. Asset manager CoinShares anticipates further capitulation among higher-cost operators in the first half of 2026 unless BTC's price recovers significantly.
In contrast to the miners' selling, Bitcoin treasury companies like Strategy continue to acquire BTC. Michael Saylor, co-founder of the largest Bitcoin treasury company, indicated earlier this week that Strategy is purchasing more BTC as the price retreats from a local high of over $73,000 reached this week. "Think bigger," Saylor remarked on Sunday, sharing Strategy's BTC purchase history chart, which has become synonymous with imminent BTC acquisitions.