By Nermeen Nabil Khear 
According to industry data, fifteen miners collectively sold over 40% of the Bitcoin they produced last month.
The move signals a clear shift away from the recent HODL trend. It also offers insight into how miners are navigating today’s challenging environment.
A Shift in Strategy Amid Market Headwinds
After months of stockpiling Bitcoin, miners are now tapping into their reserves. March’s selling spree reverses a post-election pattern when Bitcoin’s rally encouraged firms to hold onto their coins, hoping for even higher prices. But with Bitcoin’s hash price, miners’ revenue per unit of computing power, hovering near cycle lows and block transaction fees falling to 1.1%, the pressure is building.
Adding to the uncertainty are rising geopolitical tensions and trade war chatter, which could impact hardware imports and global liquidity. In such conditions, miners are choosing to liquidate Bitcoin to cover costs, manage risk, and stay flexible.
Source: TheMinerMag
CleanSpark Leads with Mixed Approach
One example is CleanSpark, a top U.S.-based mining firm. The company announced Tuesday that it would begin selling part of its monthly BTC production to fund operations. At the same time, it plans to use existing Bitcoin reserves for strategic growth, highlighting the balancing act many miners now face.
Meanwhile, firms like HIVE, Bitfarms, and Ionic Digital sold more than 100% of their March production, signaling a deeper reliance on stored assets. This contrasts sharply with Q4-2024, when companies like Riot and Hut 8 were not only holding their coins but actively buying more, anticipating further gains.
Source: TheMinerMag
Rising Expenses, Post-Halving Challenges
The uptick in selling also aligns with growing capital expenditures. As the network’s mining reward halved in April, many companies began upgrading their hardware or branching into high-performance computing (HPC) to stay profitable. These investments require cash, and for miners, Bitcoin is still the most liquid asset on the books.
Importantly, not all miners are accounted for in the latest data. Companies like Bit Digital, Argo, Terawulf, and Stronghold have stopped issuing monthly updates. Core Scientific, once a key player, no longer reports its BTC reserves. Still, the trends are clear: miners are responding to market stress with pragmatism.
Looking Ahead
March’s selling spike reminds us that even the most committed Bitcoin miners must adapt to survive. Investors should keep an eye on how firms balance reserve management with growth ambitions in a post-halving world.
Disclaimer
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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