Publicly traded Bitcoin miners sold approximately 28,000 BTC worth $1.78 billion during 2026, reducing their combined reserves by nearly 22% from 127,000 BTC to roughly 99,000 BTC. The selling comes as average mining costs reached $74,300 per BTC while Bitcoin traded near $63,340, creating financial pressure on the sector. Major firms like MARA Holdings, CleanSpark, and Riot Platforms are among those selling reserves to cover operating expenses. Simultaneously, Bitcoin ETF outflows surpassed $4.4 billion, adding to broader selling pressure.
Bitcoin miners are facing growing financial pressure in 2026 as production costs remain above Bitcoin’s market price. Publicly traded mining companies have sold approximately 28,000 BTC this year, worth an estimated $1.78 billion at current prices.
The sales have reduced their combined Bitcoin reserves from roughly 127,000 BTC at the start of the year to about 99,000 BTC. This nearly 22% reduction in miner holdings highlights the difficult operating conditions facing companies that depend on Bitcoin production for revenue.
The average cost of production per Bitcoin by publicly traded firms is about $74,300 per BTC. This creates a significant gap between mining costs and the current market price of Bitcoin near $63,340.
Given the current circumstances, about 20% of miners are expected to be losing money. This pressure is even more pronounced for firms facing higher electricity costs or using inefficient equipment.
MARA Holdings, CleanSpark, Riot Platforms, Cango, Core Scientific, and Bitdeer are among the major mining companies associated with Bitcoin sales. Although reserve sales provide liquidity, they reduce the amount of Bitcoin held by these firms in case of a price recovery.
Bitcoin mining difficulty has also declined by roughly 18% from its November 2025 peak. The extended decline suggests that some less-efficient miners are shutting off equipment or leaving the industry.
Miners are also diversifying revenue streams by turning toward AI infrastructure. Riot Platforms announced the signing of a $9.1 billion, 20-year deal with Anthropic to provide computing power.
Similarly, TeraWulf signed a major long-term deal with Anthropic worth approximately $19 billion. These deals exemplify why mining equipment has reached a valuation independent of its use in cryptocurrency transactions.
The ETF outflows amount to more than $4.4 billion within the same timeframe. Data shows that overall institutional flows play an important role in determining Bitcoin’s future price path.
Continued miner selling may impose further selling pressure if Bitcoin’s price stays below its cost of production. The next major trend will be determined by whether Bitcoin can regain above the average cost base of the miners.
