Bitcoin Miners Liquidate 28,000 BTC Amid Rising Production Costs

Bitcoin miners are facing significant financial pressure, leading to the liquidation of about 28,000 BTC, which is valued at approximately $1.78 billion. This trend has emerged as the costs associated with producing Bitcoin have widened compared to market prices.

At the beginning of the year, publicly traded mining companies held around 127,000 BTC, but this figure has now dropped to approximately 99,000 BTC, marking a 22% decrease in just a few months. The average production cost for these miners is around $74,300 per BTC, while Bitcoin's price has fallen by 27% year-to-date, resulting in many miners operating at a loss.

Major companies contributing to these sales include MARA Holdings, CleanSpark, Riot Platforms, Cango, Core Scientific, and Bitdeer. The mining difficulty has also decreased by roughly 18% since its peak in November 2025, indicating that the network has become easier to mine due to weaker operators ceasing operations.

While miners are selling Bitcoin, they are not the only source of selling pressure in the market. ETF outflows have surpassed $4.4 billion during the same period, significantly overshadowing miner sales.

In addition to selling Bitcoin to stay afloat, many mining companies are pivoting towards artificial intelligence and high-performance computing. This shift is driven by the potential for more predictable and profitable operations compared to mining Bitcoin at a loss. Companies like Core Scientific are increasingly focusing on data center operations while still engaging in Bitcoin mining.