After Months of Hoarding, Bitcoin (BTC) Miners Dump 40% of Their Holdings

According to industry data, fifteen miners collectively sold over 40% of the Bitcoin they produced last month. The move signals a clear shift away from the recent HODL trend.

Industry data reveals that fifteen miners sold more than 40% of the Bitcoin they produced last month, according to a new report by TheMinerMag.

This move marks a departure from the recent trend of miners holding onto their coins, and it also provides insight into how miners are adapting to the changing market landscape.

After several months of building their Bitcoin positions, miners are now beginning to reduce their holdings. This shift is evident in March’s selling spree, which follows a different pattern seen post-election.

During that time, Bitcoin’s rally encouraged firms to maintain their coins, hoping for further price increases. However, with Bitcoin’s hash price—miners’ revenue per unit of computing power—now approaching cycle lows and block transaction fees falling to 1.1%, there is growing pressure on miners to adjust their strategies.

Moreover, rising geopolitical tensions and murmurs of a trade war could affect hardware imports and global liquidity, creating a challenging environment for miners. In such conditions, they are choosing to liquidate Bitcoin to cover costs, manage risk, and stay flexible to adapt to any changes.

One example is CleanSpark, a leading U.S.-based mining firm, which announced Tuesday that it will begin selling a portion of its monthly BTC production to fund operating expenses. At the same time, the firm plans to use existing Bitcoin reserves for strategic growth initiatives.

This approach highlights the balancing act that many miners are now facing as they navigate a post-halving world.

Meanwhile, firms like HIVE, Bitfarms, and Ionic Digital sold more than 100% of their March production, indicating a deeper reliance on stored assets to meet operating expenses.

This contrasts sharply with Q4 2024, when companies like Riot and Hut 8 were not only keeping their coins but also actively buying more, anticipating further gains from the cryptocurrency.

The uptick in selling activity also coincides with rising capital expenditures. As the network’s mining reward halved in April, many companies began upgrading their hardware or branching into high-performance computing (HPC) to maintain profitability.

These investments require cash, and for miners, Bitcoin remains the most liquid asset on their books.

It’s worth noting that not all miners are included in the latest data. Companies like Bit Digital, Argo, Terawulf, and Stronghold have ceased issuing monthly updates. Additionally, Core Scientific, once a key player in the space, no longer reports its BTC reserves.

However, despite variations in reporting and company-specific decisions, the broader trends are clear: miners are responding to market stress with pragmatism, adjusting their strategies to stay afloat and profitable in a dynamic cryptocurrency environment.