Bitcoin Miners Sell Off Reserves Amid 21% Hash Rate Drop

Bitcoin miners are under increasing financial pressure as they restructure their operations to stay afloat. This has led to a significant decline in both reserves and mining capacity, forcing some operators to cut back on their commitments.

The situation is reflected in the Miner Net Positions, which have quickly turned negative. As a result, miners are selling at rates not seen since 2022 market lows, returning previously held BTC to circulation and adding supply to an already tight market.

The 30-day Mean Hash Rate has dropped by around 21% from its peak as miners redirect infrastructure toward AI development. Unlike China's 2021 ban, which caused a 41% decline, this contraction is driven by economic restructuring rather than forced shutdowns.

Older holders are also contributing to the supply pressure by moving their coins, some of which have been dormant for over 15 years. One wallet with approximately 8.54 BTC worth $539,000 moved its balance of funds for the first time in fifteen years, representing a different context than the transfers made by miners.