Public Miners Sold a Record 32,000 BTC in One Quarter

In a significant move, public mining companies liquidated over 32,000 BTC in the first quarter, surpassing the total they sold throughout 2025. This figure considerably exceeds the 20,000 BTC sold in the second quarter of 2022, which followed the collapse of the Terra (LUNA) ecosystem.

Major players such as MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer contributed to this unprecedented sell-off, triggered by a low hash price that has struggled to maintain levels above $35 per PH/s per day. This benchmark is critical for many miners, particularly those operating with older technology.

Currently, bitcoin’s hash price stands at around $33 per PH/s per day, indicating that roughly 20% of miners are facing operational losses. Despite a minor 6% decrease in the total computational power of the blockchain, the current hash rate remains near all-time highs.

Data from CryptoQuant reveals a trend of diminishing bitcoin reserves among miners since 2023. At the end of last year, their holdings totaled 1.86 million BTC, but this number has now dropped to 1.8 million BTC. Typically, miners sell only a fraction of their reserves to manage operational costs, but the prevailing downturn in the cryptocurrency market and rising energy expenses have compelled some to deplete their reserves further.

Analysts at CoinShares have cautioned that without a rise in bitcoin prices, the situation for miners could worsen, potentially leading to more liquidations. In March, experts from Wintermute noted that the traditional bitcoin mining model may be on the verge of obsolescence.