Key Insight: In April, public Bitcoin mining companies sold approximately 70% of the BTC they mined — the highest sell-off rate since October 2024. Riot and CleanSpark abandoned their HODL strategy, liquidating most of their mined coins. In contrast, MARA, Cango, and BitFuFu continued to hold their entire mined stash. Main Reason: Despite Bitcoin trading above $100,000, mining profitability has declined due to rising network difficulty.

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