Bitcoin Miners Ramp Up BTC Sales as Profitability Crumbles: TheEnergyMag Report

Major publicly traded Bitcoin mining companies have been steadily liquidating their coin reserves over the past several months, and recent corporate reports suggest this trend is poised to accelerate. That's the conclusion from energy and mining publication TheEnergyMag.

Who Sold and How Much

The most notable sellers in recent months include:

• Riot — sold four times more BTC in December than it mined during the 30-day period;
• Cango — liquidated 4,451 BTC in February, representing 60% of its reserves;
• Bitdeer— completely emptied its Bitcoin treasury that same month (approximately 943.1 BTC);
• Core Scientific — announced plans to sell the bulk of its holdings before the end of Q1.

According to TheEnergyMag's calculations, public miners collectively offloaded more than 15,000 BTC over five months. The publication's analysts note that the HODL era among miners is gradually ending, with sell-side pressure building as profit margins collapse.

Why This Matters

Miner selling constitutes a significant source of supply-side pressure on Bitcoin's market. When multiple large operators simultaneously liquidate their treasuries, it creates persistent downward force on price. The 15,000 BTC figure over a relatively short window is a meaningful signal — especially if the pace quickens further as financial conditions tighten for the sector.

Hashprice Below $30 — Operating at Break-Even or Worse

Analysis of recent quarterly filings reveals that hashprice — the key profitability metric for miners — has fallen below $30 per PH/s per day. At this level, most publicly listed operators are running at break-even or outright losses.

TheEnergyMag points out that the spread between hashprice and hashcost has historically been one of the strongest drivers behind treasury liquidation events in mining.

The Debt Trap: Collateral and a Falling BTC Price

Unlike previous downturns, many public miners entered 2025 carrying substantial debt. The industry leveraged credit facilities, Bitcoin-collateralized loans, and secured bonds to fund both day-to-day operations and aggressive buildouts of AI and HPC data center infrastructure.

As of December 31, the three largest miners — Hut 8, MARA Holdings, and Riot — had collectively pledged over 14,500 BTC as loan collateral, according to the report.

The mechanics of collateralized lending create a vicious feedback loop: as Bitcoin's price drops, loan-to-value ratios deteriorate automatically. TheEnergyMag notes that following the recent price decline, collateral ratios have likely worsened, forcing companies to pledge additional coins to maintain their lending thresholds.

Recovery to $74,000 Offers Little Relief

Even Bitcoin's bounce back toward $74,000 has not meaningfully eased conditions for the mining sector. Companies still need to sell assets to cover operational costs and fund their strategic pivots toward AI-related business lines.

A telling case is MARA Holdings, which reported $1.7 billion in losses in February and announced intentions to shift its focus toward artificial intelligence.

The public mining sector finds itself squeezed between declining mining margins, mounting debt obligations, and the capital demands of transitioning to AI infrastructure. All indicators point toward sustained — and potentially increasing — sell-side pressure from miners on the Bitcoin market in the coming months.