Record mining power keeps rising while miner earnings fall. Higher costs leave many miners short on cash, so they sell more bitcoin.
Bitcoin’s mining network keeps hitting new highs, but miner earnings are dropping fast. With more competition and higher expenses, many miners now sell part of their bitcoin to stay afloat.
This is due to record computing power, weaker revenue per unit, and rising operating costs that make it harder for miners to hold their coins.
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Bitcoin Hashrate Keeps Rising While Hashprice Drops
Bitcoin’s hashrate reached about 1,082 EH/s, which shows how much computing power miners add to the network. More machines mean tougher competition for the same block rewards.
As a result, Bitcoin hashprice, which measures how much miners earn per unit of computing power, slipped below $40 per PH/s. This is one of its weakest points in years.
When hashprice falls this low, miners bring in less money even though their energy use stays the same. Hashrate also grew about 5% in a single month, which tightened margins further and pushed weaker operators to consider selling part of their bitcoin holdings.
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Bitcoin Mining Costs Keep Climbing And Squeeze Profit Margins
Electricity, repairs and new equipment already make mining expensive. Recent estimates put the average production cost above $111,000 per BTC for many miners. Over the last two months, miner revenue also dropped about 35%.
This combination stretches payback times for new ASIC machines and reduces cash available for daily operations. When cash flow tightens, Bitcoin miners turn to their reserves. Some also rely on credit, which increases short-term obligations and leads to even more selling when due dates approach.
ALSO READ: Bitcoin Price Forecast: Can It Hit $150,000 in 2025?
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Miner Selling Adds Extra Pressure To The Market
On-chain data shows Bitcoin miner reserves falling as more coins move to exchanges.
When large amounts of bitcoin enter the market at once, it adds supply and can speed up short dips in price.
These selling waves often explain sharper corrections during times when miner margins weaken, even if overall demand stays steady.
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Conclusion
Miner selling today comes from tight economics rather than panic. Higher competition, shrinking earnings and heavier costs push miners to sell more bitcoin, and those flows can influence short-term price swings.
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