Public Bitcoin miners offloaded more than 32,000 BTC during the first quarter of 2026, a new industry record.
The liquidation wave surpassed full-year 2025 net sales. It also exceeded the roughly 20,000 BTC dumped during the Terra-Luna collapse in Q2 2022.
Miner Margins Collapse as Hashprice Stays Near Record Lows
According to TheEnergyMag, the sellers included major industry leaders such as MARA Holdings, CleanSpark, Riot Platforms, Cango, Core Scientific, and Bitdeer. BeInCrypto previously reported that Riot Platforms sold 3,778 BTC in Q1 2026, generating nearly $289.5 million in proceeds.
Core Scientific liquidated about 1,900 BTC worth roughly $175 million in January alone. Cango sold 2,000 BTC in March for approximately $143 million.
The company used the proceeds to retire Bitcoin-backed loans. MARA also offloaded 15,133 BTC for approximately $1.1 billion in March.
CleanSpark sold approximately 159 of the 573 BTC it mined in January to support its operations. In February, the Nasdaq-listed miner produced 568 BTC and liquidated 553 BTC.
The Q1 2026 activity marks a sharp reversal from last year. Public miners added 17,593 BTC net in 2024. Their combined treasuries topped 100,000 BTC.
“Public bitcoin miners have liquidated their BTC reserves at a pace not seen since the depths of the last crypto bear market, as a prolonged slump in mining economics pushes operators into survival mode,” the blog read.
Compressed margins, heavy debt obligations, and a pivot toward artificial intelligence (AI) infrastructure are key factors behind the shift.
TheEnergyMag noted that hashprice has hovered in the low $ 30-per-petahash-per-second range, near all-time lows. The metric tracks expected mining revenue per unit of computing power.
Network difficulty now sits roughly 10 times higher than 2021 levels. The April 2024 halving also cut block rewards in half.
“In effect, mining profitability has compressed by an order of magnitude, helping explain the wave of recent selling,” the blog read.
The record sell-off marks a defining moment for the public mining sector. Unless hashprice rebounds or BTC price rallies strongly to offset compressed margins, Q1’s record liquidation may prove to be the opening chapter of a broader industry shakeout rather than a one-off event.
