Mining companies sold 32k BTC in the first quarter!

It's not panic, it's a "surrender-style liquidation"!

Are you still waiting for the halving bull market?
Miners no longer want to mine.

In Q1 2026, listed mining companies sold more Bitcoin than during the Luna collapse in 2022**.
It's not that they are bearish, but they can't hold on after losing $5,500 per Bitcoin mined.

Do you think miners are the most loyal Bitcoin holders?
Wrong.

In the first quarter of this year, major mining giants like MARA, CleanSpark, and Riot collectively dumped 32k BTC—
Surpassing the entire previous year, setting a record for the largest quarterly sell-off in history.

Why?
Hash rate prices fell below $35 per PH/s,
Including electricity, operations, and equipment depreciation,
Weighted costs approach $80k.

While Bitcoin is just over $70k.
CoinShares directly poured cold water:
Unless Bitcoin surges, high-cost miners will continue to capitulate in the first half of 2026.

But don’t rush to call miners “cowards.”
They’re not bearish; they just can’t survive.

This round of selling isn’t for “cash out and get rich,”
It’s to pay electricity bills, wages, and debts.
They’re raising money to transition into AI computing power.

You heard that right.
Mining Bitcoin is no longer profitable,
But renting out GPUs and data centers to AI companies has led to $70 billion in contracts.
Some mining companies will get 70% of their revenue from AI by the end of 2026, not BTC.

So this 32k BTC isn’t surrender, it’s switching tracks.
Miners selling coins isn’t scary; what’s scary is they sell out and no longer want to mine.

In the last bull market, miners were believers;
This time, they are the first to wake up.

When miners start working for AI, Bitcoin loses its most loyal buyers.
Historically, collective “surrender-style” sell-offs by mining companies
often occur near Bitcoin’s cyclical bottom.

Why?
Because miners are the most passive sellers—
Cost-locked, with rigid cash flow,
If the price doesn’t rise, they have to sell.
When they can’t sell anymore,
The market’s real selling pressure disappears.

So, this massive Q1 sell-off,
Short-term is bearish, mid-term is cleansing, long-term is an opportunity.

But note—
This time is different.
If mining companies successfully transition into AI,
They no longer need Bitcoin to rise to survive.
Who will support you in a bear market in the future?

Miners moving into AI—Is it a tragedy for Bitcoin or an evolution? #山寨币强势反弹 $BTC