Analysis: Listed mining companies have dumped 28,000 BTC year-to-date, becoming an overlooked source of marginal selling pressure
- Publicly traded miners held 127,000 BTC at the beginning of the year, which has now dropped to 99,000 BTC.
- A total of 28,000 BTC, valued at approximately $1.78 billion, has been sold by these miners this year.
- Selling by public miners is noted as an underappreciated factor contributing to Bitcoin's poor price performance in 2026.
- The average production cost per Bitcoin for miners is around $74,300, leading to profit squeezes.
- Bitcoin mining difficulty has decreased about 18% from its peak in November, marking the longest continuous decline in hashrate.
According to data from Blockware Intelligence, publicly traded miners began the year holding a total of 127,000 BTC, but this figure has now decreased to 99,000 BTC. This year, these miners have sold 28,000 BTC, which is valued at approximately $1.78 billion.
Blockware's research indicates that the selling activity by public miners is an overlooked factor contributing to Bitcoin's poor price performance in 2026. Although the amount sold is less than the $4.4 billion in net outflows from ETFs, in a market characterized by weak buying interest, this marginal selling pressure can significantly impact prices.
Many miners are currently facing a profit squeeze, with the average production cost per Bitcoin around $74,300. Additionally, Bitcoin mining difficulty has dropped about 18% from its peak in November, representing the longest continuous decline in hashrate.
Blockware also noted that the exit of large miners has improved the economics for remaining miners, who are now earning about 18% more Bitcoin than they were ten months ago. This market reset could potentially attract new miners back into the space.
分析：上市矿业公司年初以来已抛售28,000 BTC，成为被忽视的边际卖压来源
根据Blockware Intelligence的数据，上市矿业公司年初持有的比特币总量为127,000 BTC，但这一数字现在已降至99,000 BTC。今年，这些矿工已抛售28,000 BTC，价值约为17.8亿美元。
Blockware的研究表明，上市矿工的抛售活动是导致比特币2026年价格表现不佳的一个被忽视的因素。尽管抛售的数量少于ETF的44亿美元净流出，但在买入兴趣疲软的市场中，这种边际卖压可能会对价格产生显著影响。
许多矿工目前面临利润压力，每个比特币的平均生产成本约为74,300美元。此外，比特币挖矿难度自11月峰值以来下降了约18%，这标志着哈希率连续下降的时间最长。
Blockware还指出，大型矿工的退出改善了剩余矿工的经济状况，他们现在每月比十个月前多赚取约18%的比特币。这一市场重置可能会吸引新的矿工重新进入该领域。