Are miners about to sell more Bitcoin? MARA’s record quarter says maybe

Marathon Digital (MARA) has quietly changed its policy to sell a portion of newly mined Bitcoin (BTC) to fund operations, a significant pivot from pure accumulation. This shift occurs as industry profitability tightens due to falling hashprice, subdued fees, and rising network difficulty, creating a margin squeeze where fixed costs remain high. For miners facing this squeeze, selling production becomes the path of least resistance compared to holding. This potential increase in miner selling supply coincides with significant net outflows from Bitcoin ETFs, compounding downward pressure on demand and liquidity. While well-capitalized miners like Riot Platforms and CleanSpark have options to weather the compression, Marathon's explicit move suggests that for many, current margins no longer support holding production. If more miners follow this logic, the aggregate flow to exchanges could materially add to the supply overhang, although the total flow is structurally capped by daily issuance.

(Source：CryptoSlate)