In the first quarter, mining companies sold more bitcoins than in all of 2025, according to data from TheEnergyMag.
In total, MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer sold over 32,000 BTC. This volume surpasses the second quarter of 2022, when miners liquidated 20,000 BTC following the collapse of the Terra (LUNA) ecosystem.
High Profitability Threshold
Companies are forced to sell cryptocurrency amid a record low hash price, which has not risen above $35 per PH/s per day.
The $35 per PH/s level is the breakeven point for many bitcoin miners, especially those using older equipment.
With the current hash price around $33 per PH/s per day, approximately 20% of the industry is operating at a loss.
Meanwhile, the mining difficulty of digital gold and the network hash rate continue to rise. Although the total computational power of the blockchain for the first cryptocurrency decreased by 6% in the first quarter, the figure remains close to historical highs.
Long-Term Trend
According to CryptoQuant, bitcoin miners' reserves have been gradually declining since 2023. At the end of 2023, miners collectively held 1.86 million BTC, but now their balances show only 1.8 million BTC.
Typically, miners sell only a portion of their bitcoin reserves to cover operational expenses. However, the downturn in the crypto market and rising energy costs have forced some players to liquidate coins from their corporate treasuries.
In a specialized report, analysts from CoinShares warned of further capitulation among miners. The main condition for stabilizing the situation in the industry remains an increase in the price of the leading cryptocurrency.
Recall that in March, specialists from Wintermute declared the traditional model of bitcoin mining outdated.