Public Miners Offload Record 32,000 BTC in a Quarter

Mining companies sold more bitcoins in Q1 than in all of 2025, reports TheEnergyMag.

In the first quarter, mining companies sold more bitcoins than in the entire year of 2025, according to data from TheEnergyMag. 

Together, 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 Breakeven Threshold

Companies are compelled to sell cryptocurrency amid a record low hashprice, which remains below $35 per PH/s per day.

The $35 per PH/s level is the breakeven point for many bitcoin miners, particularly those with older equipment. 

With the current hashprice around $33 per PH/s per day, approximately 20% of the industry is operating at a loss.

Meanwhile, the difficulty of mining digital gold and the network’s hashrate continue to rise. Although in the first quarter the total computing power of the first cryptocurrency’s blockchain decreased by 6%, it remains near its historical peak. 

Long-term Trend 

Bitcoin miners’ reserves have been gradually declining since 2023, according to CryptoQuant. At the end of 2023, miners collectively held 1.86 million BTC. Currently, their balances have reduced to 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 corporate treasuries. 

In a sector report, CoinShares analysts warned that they expect further miner capitulation. The main condition for stabilizing the industry remains an increase in the price of the leading cryptocurrency. 

In March, Wintermute specialists stated that the traditional bitcoin mining model is becoming obsolete.