Public miners have sold about 28,000 BTC this year, adding $1.78 billion in selling pressure to the Bitcoin market, impacting prices significantly.
The Bitcoin market has faced considerable selling pressure this year, with public miners selling approximately 28,000 BTC, valued at $1.78 billion, contributing to this trend.
Public miners play a significant role in Bitcoin's price dynamics.
Since the start of 2026, Bitcoin's price has dropped about 27%, falling below $64,000, underperforming compared to major assets like the S&P 500 Index. Analysts attribute this decline not only to significant outflows from U.S.-listed spot crypto ETFs, exceeding $4.4 billion, but also to increased selling activity from long-term holders and digital asset treasury companies.
Public miners, who validate transactions on the Bitcoin blockchain and earn newly minted BTC as compensation, have largely been overlooked in discussions regarding market pressures. Data indicates that these miners held around 127,000 BTC at the beginning of the year, but this has decreased to 99,000 BTC, reflecting their substantial sales.
While the selling by public miners is less than ETF outflows, it's important to note that in financial markets, price movements are influenced by recent transactions rather than total volumes. In a declining market with limited buying interest, even consistent moderate selling can exert considerable influence on prices.
Blockware Solutions highlighted in a recent newsletter that the sales from public miners have been an undervalued factor in Bitcoin's poor performance this year. The average cost to mine a single Bitcoin has risen to $74,300, prompting some miners to pivot towards AI technologies, leveraging their power capacity for this transition.
Additionally, the Bitcoin network's difficulty has decreased by approximately 18% from its peak in November, marking a notable decline in hashrate. This reduction suggests that the exit of several large miners has led to less competition, making mining more profitable for those who remain. Consequently, the remaining miners are now earning about 18% more Bitcoin than they were ten months ago, improving their financial conditions amid a challenging market environment.
