Public Bitcoin Miners Sell Record 32,000 BTC in Q1 2026 as Margins Collapse

Public Bitcoin miners offloaded a record-breaking 32,000 BTC in the first quarter of 2026, surpassing full-year 2025 net sales and the total sold during the Terra-Luna collapse. This significant liquidation wave includes major players like MARA Holdings, CleanSpark, Riot Platforms, Cango, Core Scientific, and Bitdeer. The primary drivers for this sell-off are collapsing miner margins, exacerbated by a prolonged slump in mining economics, and heavy debt obligations. The hashprice has remained near all-time lows, while network difficulty has increased significantly and the April 2024 halving reduced block rewards. These factors have compressed mining profitability by an order of magnitude, pushing operators into survival mode and potentially signaling a broader industry shakeout if conditions do not improve.

(Source：BeInCrypto)