According to TheMinerMag data from May 9, 2025, publicly traded mining companies sold about 70% of the bitcoins mined in April, marking the highest level since October 2024. An analysis of reports from eight firms showed that companies like Riot Platforms and CleanSpark abandoned their accumulation strategy, selling 100% and 65% of the mined coins, respectively. Meanwhile, MARA, Cango, and BitFuFu retained all their output. The increase in sales is linked to the decline in hash price to $55 per PH/day, high network difficulty (119 trillion hashes), and trade wars that raise operational costs. This creates pressure on the market, contributing to Bitcoin volatility. HTX Research advises investors to closely monitor the market.
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