Public Bitcoin mining companies sold over 32,000 BTC in Q1 2026, marking a record quarterly liquidation as mining profits collapsed. Major firms like MARA, Riot Platforms, and CleanSpark led the sell-off, which surpassed all of 2025’s net sales. The shift follows a steep decline in mining revenue per computing unit, compressing margins and forcing miners to liquidate reserves.
Public Bitcoin mining companies sold more than 32,000 BTC in the first quarter of 2026, the largest quarterly liquidation on record according to data analyzed. This volume already exceeds the total net BTC sold across all four quarters of 2025.
Major operators involved in the selling include MARA, CleanSpark, Riot Platforms, Cango, Core Scientific, and Bitdeer. The scale is similar only to the roughly 20,000 BTC sold by public miners in Q2 2022 during previous market stress.
This contrasts with 2024, when miners added about 17,593 BTC to their reserves. The change toward selling coincides with mining revenue per unit of computing power falling near historical lows.
Profit margins are now heavily compressed, especially for miners with older hardware or higher costs. This makes continued holding of mined Bitcoin increasingly difficult for many operators.
The decline is shaped by structural changes, including a major increase in total network computing power. Bitcoin’s block reward was also reduced in 2024 while network difficulty has risen roughly tenfold since 2021.
Although Bitcoin prices remain high compared to previous cycles, increased difficulty has offset much of the revenue benefit. Overall mining economics have tightened significantly, contributing to the decision to liquidate reserves.
Beyond financial pressures, some observe a shift in the sector’s identity. Paul Sztorc, CEO of LayerTwo Labs, said Bitcoin mining is “dying” while highlighting industry rebranding efforts.
He noted that “MinerMag” has been rebranded as “Energy Mag,” while a key industry conference stage was renamed the “Energy Stage.” Sztorc also stated that MARA removed direct Bitcoin references from its website around two years ago.
