Miners Unload 28,000 BTC as Production Costs Bite

Bitcoin miners are selling off their coins at an alarming rate, with publicly traded mining companies offloading around 28,000 BTC worth approximately $1.78 billion in just a few months.

The collective reserves of these companies have dropped from 127,000 BTC at the start of the year to about 99,000 BTC, a decline of nearly 22% in such a short period.

With the average production cost for publicly traded miners sitting at around $74,300 per BTC and Bitcoin's price down 27% year-to-date in 2026, a significant portion of the industry is operating at a loss on every coin it produces. Around 20% of miners are estimated to be running at a deficit under current conditions.

The companies driving the bulk of the sales include prominent names such as MARA Holdings, CleanSpark, Riot Platforms, Cango, Core Scientific, and Bitdeer.