Miners Unload Record Amount of BTC Amid Profit Squeeze
Publicly listed Bitcoin miners have hit record sales in Q1 2026, selling more than 32,000 Bitcoin in just three months. This total exceeds the previous single-quarter record of 20,000 Bitcoin set in Q2 2022 during a bear market triggered by the collapse of the Terra-Luna ecosystem.
The figure marks a new all-time high for quarterly miner liquidations, with companies such as MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer contributing to the sales. These firms disclose their Bitcoin holdings and sales on a regular basis due to being publicly listed.
Profitability across the sector has been under pressure for months, with Hashprice, the metric measuring mining revenue per unit of computing power, falling since July 2025 to approximately $33 per petahash per second per day. The breakeven level for many miners running older machines is $35 PH/s per day, placing around 20% of the mining industry in unprofitable territory.