⚠️ Miners collectively sell off! 32k BTC sold, setting a historic quarterly record

Bitcoin mining is experiencing an unprecedented stress test.

Latest data shows that in Q1 2026, multiple publicly listed mining companies including MARA, CleanSpark, Riot, Cango, Core Scientific, Bitdeer, and others sold a total of over 32k BTC.

This scale not only exceeds the total amount mined and sold by miners throughout last year but also surpasses the bear market sell-off level during the Terra-Luna collapse in 2022, hitting a new quarterly record.

📊 Why are miners starting to sell large amounts of coins?

The core reason comes from a key indicator—Hashprice (hash rate price).

Hashprice is an important measure of miners’ profitability, which has now fallen below $35 per PH/s per day, reaching a historic low.

This means:

Mining profits have significantly decreased
Electricity and operational costs are hard to cover
Many miners are forced to sell BTC to maintain cash flow

Data shows that about 20% of miners are already in a loss position.

🔎 The industry may enter a “Miner Capitulation” phase

Asset management firm CoinShares pointed out in a report:

If Bitcoin prices do not rise significantly, more high-cost miners may be forced out of the market in the first half of 2026.

This situation is often referred to in history as “Miner Capitulation.”

📈 Market insights

Although miner sell-offs may increase market supply in the short term, in the long run, this often means:

The industry begins to clear out high-cost players
Mining efficiency further improves
The market gradually moves toward a new balance

In historical cycles, the miner capitulation phase often approaches a critical turning point in the market.

🌱 A word for investors

During the most difficult times in the market,
it is often also a time for restructuring.

True opportunities
are often born when others are forced to exit. 🚀📊