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Public miners sold a record 32,000 BTC in a quarter - ForkLog: cryptocurrencies, AI, singularity, the future
In the first quarter, mining companies sold more Bitcoin than in all of 2025. Data from TheEnergyMag shows this.
High profitability threshold
Companies are forced to sell cryptocurrency amid record-low hash rates, which do not rise above )per PH/sec per day.
![]$35 https://img-cdn.gateio.im/webp-social/moments-956c8b36b7d2485e4f169b44ef0d346c.webp(Source: Hashrate Index The level of )per PH/sec is the breakeven point for many Bitcoin miners. This is especially true for miners with old equipment.
At the current hash rate of about $35 per PH/sec per day, roughly 20% of the industry is operating at a loss.
Meanwhile, the difficulty of mining digital gold and the network’s hash rate continue to grow. Although in the first quarter, the total computational power of the first cryptocurrency’s blockchain decreased by 6%, the indicator remains near a historical maximum.
![]$33 https://img-cdn.gateio.im/webp-social/moments-74eb3b98242d1b91120b3d269a63355b.webp(Source: Hashrate Index ## Long-term trend
Bitcoin miner reserves have been gradually decreasing since 2023, according to CryptoQuant. At the end of 2023, miners held a total of 1.86 million BTC. Currently, their holdings amount to 1.8 million BTC.
![])https://img-cdn.gateio.im/webp-social/moments-a56ba3c582664c68c5041571861e1d54.webp(Source: CryptoQuant Miners typically sell only part of their Bitcoin reserves to cover operational expenses. However, the downturn in the crypto market and rising energy costs have forced some players to liquidate coins from corporate treasuries.
In a specialized report, CoinShares analysts warned of further capitulation among miners. The main condition for stabilizing the industry remains an increase in the price of the first cryptocurrency.
Recall that in March, Wintermute experts stated that the traditional Bitcoin mining model is no longer relevant.