Public Miners Add $1.78 Billion Selling Pressure to Bitcoin

Public miners have contributed $1.78 billion in selling pressure to Bitcoin this year, impacting its price amidst other market dynamics.

MarketsPublic Miners Contribute $1.78 Billion in Bitcoin Selling Pressure

Public miners are an undervalued source of market supply impacting prices.

By Omkar Godbole|Edited by Sheldon Reback 10 min ago 2 min read Make preferred on Share Share this article Copy link X (Twitter) LinkedIn Facebook Email Make preferred on

Public miners are an undervalued supply source. (CoinDesk Archives)

Public miners have sold approximately 28,000 BTC this year, contributing to selling pressure alongside significant outflows from ETFs and sales by long-term holders.
Several major miners are either exiting the market or transitioning to AI, which has resulted in an 18% decrease in network difficulty, thereby increasing profitability for those who remain.

This year, Bitcoin's BTC$63,733.35 value has dropped significantly, not solely due to exchange-traded funds (ETFs) and digital asset treasuries. Public miners have emerged as an underappreciated source of supply affecting the market.

Since the beginning of 2026, the leading cryptocurrency has decreased by 27%, falling to just below $64,000, underperforming all major assets, including the S&P 500 Index.

The primary cause of this decline is attributed to net withdrawals from U.S.-listed spot crypto ETFs, which have seen outflows exceeding $4.4 billion, compelling these funds to liquidate their Bitcoin assets. Analysts also highlight the selling activities of long-dormant holders and digital-asset treasury companies, with significant recent activity from Strategy (MSTR).

However, the narrative often overlooks publicly traded miners, the firms responsible for validating blocks on the Bitcoin blockchain and receiving newly minted BTC as compensation.

Data from Blockware Intelligence reveals that these miners held a total of 127,000 BTC at the start of the year, but this figure has decreased to 99,000 BTC, indicating they have sold around 28,000 BTC valued at $1.78 billion at current market prices.

While this selling is less than the ETF outflows, it is crucial to note that in financial markets, prices are determined at the margin. The most recent transactions, rather than total volumes, dictate price movements. In a declining market with weak buying interest, even moderate and consistent selling can significantly impact prices.

“Sales from public miners early in the year are an underappreciated factor contributing to Bitcoin’s poor price performance in 2026,” stated the research team at Blockware Solutions in their latest newsletter.

Many of these firms are experiencing pressure on their margins, with the average cost of producing a single Bitcoin at $74,300. As a result, an increasing number are shifting towards AI and utilizing their high-voltage power capacity to facilitate this transition.

Simultaneously, mining difficulty, which refers to the computational effort required to add a new block, has dropped by approximately 18% from its peak in November, marking the longest period of decreasing hashrate.

In essence, the departure and AI transition of several large miners has reduced competition, making Bitcoin cheaper to mine and enhancing rewards for those still operating, resembling a classic free-market adjustment that may attract new miners back into the fold.

“Consequently, remaining miners are now earning roughly 18% more Bitcoin than they were ten months ago. The exit of the largest industry players is improving the financial conditions for those who continue to mine,” Blockware noted.