PANews reported on April 17 that according to TheMinerMag, listed Bitcoin mining companies stepped up their Bitcoin selling in March, hitting the highest monthly liquidation rate since October 2024. Fifteen listed Bitcoin mining companies sold more than 40% of their total Bitcoin production last month, reversing the recent "HODL" trend. The increase in sales suggests that miners may be dealing with shrinking profit margins amid continued low hash prices and increased uncertainty in the trade war. It is worth noting that the data sample since January 2025 has excluded Bit Digital, Argo, Terawulf and Stronghold because they no longer provide monthly updates. In addition, given that Core Scientific has stopped disclosing relevant information since February, its Bitcoin reserves are assumed to be zero.
With the bitcoin hash price hovering near cycle lows and transaction fees in blocks falling to 1.1%, mining “holders” appear to be once again beginning to rely on their bitcoin reserves to maintain operations and enhance liquidity. CleanSpark said on Tuesday that it would begin selling part of its monthly output to cover operating expenses while using its bitcoin reserves to fund growth initiatives. The new round of selling also coincides with an increase in capital expenditures across the industry. Several major mining companies have announced infrastructure expansions, ASIC upgrades, or diversification into high-performance computing - all of which require capital investment in a more severe environment after the halving. Looking at a company-level breakdown, HIVE, Bitfarms, and Ionic Digital sold more than 10% of their March production.
