Key facts
- Public miners have sold 28,000 BTC this year, valued at $1.78 billion.
- This selling pressure is occurring as Bitcoin's price has fallen 27% since the start of 2026.
- U.S.-listed spot crypto ETFs have seen net outflows of over $4.4 billion.
- Many mining companies are facing squeezed margins, with average production costs at $74,300 per BTC.
- The mining difficulty has decreased by about 18% from its November peak.
Publicly listed Bitcoin miners have sold approximately 28,000 BTC, valued at $1.78 billion, this year, adding to the selling pressure in the market. This selling activity, while smaller than the outflows from U.S.-listed spot crypto ETFs, is significant because price is determined at the margin. The leading cryptocurrency has fallen 27% since the start of 2026 to just under $64,000, underperforming major assets like the S&P 500 Index. Analysts attribute the decline to ETF withdrawals, selling by long-dormant holders, and digital-asset treasury companies. Many mining companies are facing squeezed margins, with average production costs exceeding current market prices. In response, a growing number are pivoting to AI, utilizing their high-voltage electrical capacity for this shift. This exodus has eased competition, leading to an approximately 18% decrease in mining difficulty from its November peak, which boosts rewards and profitability for the remaining miners.