Bitcoin Traders Step Back In After Longest Deleveraging Since 2022
Bitcoin traders are coming back after an eight-month deleveraging phase, signaling renewed risk appetite.
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Bitcoin Pressure Builds As Miners Dump 32K BTC In Just 3 Months
TL;DR
Bitcoin miners have sold over 32,000 BTC in the first three months of 2026 as 20% of the industry operates at a loss. The decline in hashprice has forced many miners to liquidate holdings to cover costs.
Key points
- 20% of Bitcoin miners are operating at a loss
- Hashprice has declined to $33 per petahash per second
- Major miners sold over 32,000 BTC in early 2026
Mentioned in this story
MARACleanSparkRiotCangoCore ScientificBitdeer
About 20% of the Bitcoin mining industry is operating at a loss right now. That single fact explains much of what has been unfolding across the sector in early 2026, as publicly traded miners race to sell off holdings just to keep the lights on.
Profits Squeezed To The Bone
Hashprice — the daily revenue a miner earns per unit of computing power — has been sliding since July 2025. It now sits at roughly $33 per petahash per second per day, according to data from Hashrate Index.
The breakeven point for many miners, particularly those running older machines, is around $35. That gap, small as it looks on paper, is pushing a large chunk of the industry into the red.
Major publicly traded miners — among them MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer — collectively offloaded more than 32,000 BTC during the first three months of 2026, according to TheEnergyMag.
Source: TheEnergyMag
That figure eclipses everything those same companies sold across all four quarters of 2025. It also surpasses the previous quarterly record of roughly 20,000 BTC, set during Q2 2022 when the collapse of the Terra-Luna ecosystem sent markets into a tailspin.
Three compounding forces drove miners to that record: a rising network hashrate that has made competition fiercer, reduced block rewards following the most recent halving, and broader economic headwinds that have kept Bitcoin prices under pressure.
Source: TheEnergyMag
Q&A
Why are Bitcoin miners selling 32,000 BTC in early 2026?
Bitcoin miners are selling large amounts of BTC due to operating at a loss, with 20% of the industry affected and declining hashprices squeezing profits.
What is the current hashprice for Bitcoin miners?
The current hashprice for Bitcoin miners is approximately $33 per petahash per second per day, down from previous levels.
Which major Bitcoin mining companies are selling their holdings?
Major publicly traded miners like MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer have collectively sold over 32,000 BTC recently.
