Bitcoin miners sold 32,000 BTC in Q1 2026 as margins collapse and costs rise.

In the first quarter of 2026, public Bitcoin miners sold over 32,000 BTC, surpassing their total sales in 2025. This surge in selling was driven by extremely low hashprice levels around $30 per petahash per second per day, squeezing mining margins and forcing miners to liquidate reserves to cover rising operational costs. While some miners like Marathon, Riot, and Bitdeer sold Bitcoin to maintain liquidity and fund new ventures, others like ABTC continued accumulating BTC by maintaining lower costs. Private miners with access to cheap energy remained profitable by optimizing operations without selling. The market now shows a clear divide between miners who sell to survive and those who hold due to efficient cost structures or alternative income streams.