North America-listed bitcoin miners offloaded 32,000 BTC in Q1 2026, topping all of 2025

Publicly traded bitcoin mining firms sold more than 32,000 BTC in the first quarter of 2026, surpassing the entire volume sold in 2025 and setting a new quarterly record, according to data from TheMinerMag cited by Huo Xing Cai Jing on April 17. The sales came from miners including MARA, CleanSpark, Riot, Cango, Core Scientific and Bitdeer. The total also exceeded the scale of liquidations seen in Q2 2022 during the bear market sparked by the TerraLuna collapse. The uptick in selling coincided with a steep drop in hashprice—a key gauge of miners' profitability—to a record low below $35 per PH/s per day, leaving about 20% of miners operating at a loss. Asset manager CoinShares said in a report that without a meaningful rebound in BTC prices, high-cost miners are likely to keep capitulating in the first half of 2026.