Publicly traded Bitcoin miners have sold approximately 28,000 BTC in early 2026, worth around $1.78 billion, as their collective reserves dropped from 127,000 to roughly 99,000 BTC, a 22% decline. The average production cost stands at $74,300 per BTC while Bitcoin is down 27% year-to-date, leaving roughly 20% of miners operating at a loss. Key sellers include MARA Holdings, CleanSpark, Riot Platforms, and Core Scientific, with mining difficulty falling 18% from its November 2025 peak as weaker operators exit. ETF outflows of $4.4 billion have surpassed miner sales by a factor of 2.5. Many mining companies are pivoting toward AI and high-performance computing data center operations to replace lost mining revenue.
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