Bitcoin Miners Sell Amid Hash Rate Drop and Economic Restructuring

Bitcoin miners are facing financial pressure due to restructuring efforts that have forced operators to reduce both reserves and mining capacity. The Miner Net Positions have turned negative, prompting miners to sell at rates last seen during the 2022 market lows.

This has returned previously held BTC to circulation, adding supply as Bitcoin trades near the lower end of its 2026 range. Meanwhile, the 30-day Mean Hash Rate has declined by roughly 21% from its peak, with miners redirecting infrastructure toward AI development.

Unlike China's 2021 ban, which caused a 41% decline in hash rate, this contraction reflects economic restructuring rather than forced shutdowns. The reduction in both reserves and hash rate indicates weak support among miners for maintaining commitments to operationalizing Bitcoin.

The return of dormant Bitcoin to circulation is not limited to miners. An older holder with approximately 8.54 BTC worth $539,000 has moved its balance for the first time in fifteen years. This wallet was originally received in 2011 at an average price of $14 per BTC.