Bitcoin miners sell 5,359 BTC as winter power costs bite and their $7.4 billion treasury starts shrinking fast

Public Bitcoin miners' collective treasury of 115,335 BTC (worth about $7.4 billion) is shrinking, marking the first sustained contraction since they began stockpiling. This is driven by compressed margins from the Bitcoin halving, negligible transaction fees, rising mining difficulty, and a forward hash price around $28.73 per petahash per day, making older equipment uneconomic. Miners are shifting from strategic reserves to working capital, exemplified by Riot Platforms selling 1,818 BTC for liquidity and Bitdeer liquidating its entire treasury to fund a pivot into AI infrastructure. The four largest holders control 82.1% of the disclosed reserves, meaning sell pressure depends on their funding needs. The market views these treasury sales as a funding variable rather than a HODL signal, especially as low hashprice forecasts suggest sustained stress.

(Source：CryptoSlate)