Public Bitcoin Miners Quietly Add $1.78 Billion in Selling Pressure

Bitcoin’s decline this year isn’t only about ETF outflows and treasury company sales. Publicly listed mining companies have emerged as another significant, though less discussed, source of selling pressure on the market.

Bitcoin Underperforms Major Assets in 2026

Bitcoin has fallen 27% since the start of the year, trading just under $64,000 and lagging behind major asset classes. The drop has largely been attributed to heavy withdrawals from US-listed spot bitcoin ETFs, along with selling from long-dormant wallets and digital asset treasury firms.

Miners Sold 28,000 Bitcoin This Year

According to tracking data, public miners held a combined 127,000 BTC at the start of the year, a figure that has since dropped to about 99,000 BTC. That represents roughly 28,000 BTC sold, worth close to $1.78 billion at current prices. While smaller than ETF outflows, analysts note that prices are set at the margin, meaning even modest, steady selling can meaningfully affect direction during a downtrend, especially when buying demand is already weak.

Squeezed Margins Push Miners Toward AI

Rising production costs have pushed many miners toward diversifying into AI infrastructure, using their existing power capacity for that shift. Meanwhile, mining difficulty has dropped significantly from its recent peak, easing competition and improving profitability for miners that remain active in the network.