Public miners set a quarterly record by selling 32,000 Bitcoin in Q1 2026, as sustained price weakness below $78,000 production costs forces industry-wide liquidation to meet operational expenses.
Bitcoin price remained below production cost for five months, causing miner capitulation and potential contrarian opportunity.
Marathon sold a record amount of Bitcoin in Q1 2026 to cover operating expenses, indicating financial strain.
Riot Platforms sold Bitcoin at a loss as production costs exceeded the market price, pressuring profitability.
Core Scientific sold Bitcoin and faces margin compression as the price falls below production cost.
CleanSpark was among miners selling Bitcoin in Q1 2026, contributing to record sales.
Cango participated in the sell-off, increasing supply as Bitcoin price remained below production cost.
Bitdeer sold Bitcoin, and the lower hashprice reduces its revenue.
Public Bitcoin miners offloaded a record 32,000 BTC in Q1 2026 as market prices remained below the $78,000 production cost threshold for five months. Companies including Marathon Digital and Riot Platforms liquidated holdings to cover operating expenses, signaling significant financial strain across the sector.
Miners are selling Bitcoin to cover operating expenses, such as electricity and hardware costs, because the market price of Bitcoin has remained below their production cost of approximately $78,000 for several months.