Bitcoin Miners Unload 15K BTC Amidst Industry Margin Squeeze
Bitcoin miners have been selling off their BTC reserves in large quantities, according to TheEnergyMag's Miner Weekly newsletter. Since October, they've unloaded over 15,000 BTC from their treasuries. This trend marks a significant shift from the previous period when publicly listed miners treated self-mined Bitcoin as a primary balance sheet asset.
The sell-off is largely driven by deteriorating industry conditions and tightening margins. Analysts describe the current environment as the harshest margin squeeze on record for mining companies. Cango, one of the major players, offloaded 4,451 BTC in February, which equals roughly 60% of its reserves.
Other notable miners contributing to the sell-off include Bitdeer, Riot Platforms, and Core Scientific. The latter has outlined plans to sell approximately 2,500 BTC during the first quarter. MARA Holdings, holding over 53,000 BTC, drew scrutiny after updated regulatory filings suggested it may engage in both buying and selling Bitcoin to preserve financial flexibility.
CleanSpark repaid its Bitcoin-backed credit line in full, citing a desire to reduce financial risk amid industry pressures. The sell-off's continuation will depend on how mining margins and Bitcoin prices evolve over the coming months.