Public Bitcoin Miners Resume Selling Spree as Profit Squeeze Deepens

Publicly traded Bitcoin mining firms ramped up their Bitcoin sales in March, marking the highest monthly liquidation rate since October 2024.

Fifteen public miners collectively sold over 40% of their total BTC production last month, reversing a recent HODL trend. The uptick in sales suggests that miners may be responding to tightening profit margins amid persistently low hashprice levels and growing trade war uncertainty.

The March figure represents a notable shift from the months following the U.S. presidential election, when Bitcoin’s rally encouraged many miners to adopt a more aggressive HODL strategy.

In October 2024, liquidation ratios reached similar highs, but selling largely tapered off as BTC prices climbed through the end of the year, as shown below. Mining companies including Riot, Hut 8 (NASDAQ: HUT), and MARA also acquired Bitcoin in Q4, though the market has since tumbled by 20%.

Notably, the data sample since January 2025 has excluded Bit Digital (NASDAQ: BTBT), Argo, Terawulf, and Stronghold, as they no longer provide monthly updates. Additionally, Core Scientific (NASDAQ: CORZ)’s Bitcoin reserve is assumed to be zero, given the company discontinued disclosing that information since February.

With Bitcoin hashprice hovering near cycle lows and transaction fees in blocks dropping to 1.1%, mining hodlers appear to be leaning on their BTC reserves once again to support operations and shore up liquidity. CleanSpark said Tuesday that it would begin selling a portion of its monthly production to cover operational expenses while using its Bitcoin reserves to fund growth initiatives.

The renewed selling activity also coincides with increased capital expenditures across the sector. Several major mining firms have announced infrastructure expansions, ASIC upgrades, or diversification into high-performance computing—all of which require capital amid a tougher post-halving environment. On a company-level breakdown, HIVE, Bitfarms (NASDAQ: BITF), and Ionic Digital sold more than 100% of their March production.