In April 2025, public bitcoin miners sold 115% of their monthly production, the highest level since the end of the bear market in 2022, according to data from TheMinerMag. Companies like Riot Platforms and CleanSpark abandoned their HODL strategy, selling over 100% and 65% of mined coins, respectively. The main reason is the pressure on profitability due to low hash price ($55 per PH/s), despite the record bitcoin price of $109,000. High network difficulty and low transaction fees force miners to sell reserves to cover costs.
This trend began back in March when miners moved away from accumulation in response to market conditions. Some companies, like MARA, maintained their reserves, increasing them to 48,237 $BTC
At the same time, miners are entering into agreements with equipment suppliers, paying for it with bitcoins with a buyback option to hedge risks. Analysts note that increasing competition and energy costs are forcing the industry to seek new strategies, including diversification towards AI.
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