North American listed mining companies sold 32,000 BTC in Q1 2026, exceeding the full-year 2025 volume.

Huo Xing Cai Jing reports that, according to data from TheMinerMag on April 17, in the first quarter of 2026, publicly traded Bitcoin mining companies including MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer collectively sold over 32,000 BTC—exceeding the total sold throughout last year and even surpassing the level of selling during the bear market triggered by the Terra-Luna collapse in Q2 2022, setting a new quarterly record. This selling occurred against the backdrop of hashprice, a key indicator of miners’ profitability, falling to a historic low of under $35 per PH/s per day, with approximately 20% of miners now operating at a loss. Asset management firm CoinShares stated in its report: “Unless the BTC price rebounds significantly, high-cost miners will continue to surrender in the first half of 2026.”