Overview
- Publicly listed miners offloaded more than 32,000 BTC in the first quarter of 2026, topping all of 2025 and surpassing the Q2 2022 Terra‑Luna selloff.
- Hashprice, or revenue per unit of computing power, is about $33 per PH/s per day, which sits below the roughly $35 breakeven for many fleets.
- Roughly 20% of miners are now operating at a loss, which has driven coin sales to cover electricity bills and debt as aggregate miner reserves trend down from about 1.86 million BTC in 2023 to roughly 1.8 million.
- Strategies have split, with sellers like Bitdeer and Riot raising cash from production, while American Bitcoin has built a reserve of more than 7,000 BTC thanks to lower all-in costs.
- Some operators are preserving margins by cutting costs, including using flared natural gas power below $0.02 per kWh and tuning fleets with tools such as Luxor’s Commander to boost efficiency.