Bitcoin Miners' Stealthy $1.78 Billion Sell-Off Continues
Publicly traded Bitcoin miners have been quietly unloading their coins this year, selling about $1.78 billion worth of BTC in 2026. This steady stream of supply has contributed to Bitcoin's 27% year-to-date decline, with the cryptocurrency trading near $64,000.
The combined holdings of these mining companies have shrunk from 127,000 BTC to 99,000 BTC since the start of the year, according to data tracked by Blockware Intelligence. This reduction in their reserves has added persistent downward pressure on the market, despite other factors like ETF outflows exceeding $4.4 billion.
The reason behind this sustained distribution is a painful squeeze on miner profitability, with average production costs standing at $74,300 per coin. Many large mining firms are either exiting the sector or pivoting toward artificial intelligence, leveraging their secured high-voltage electrical capacity to support AI data center workloads.