One overlooked group has added $1.78 billion of selling pressure to bitcoin market
Publicly listed Bitcoin miners have sold 28,000 BTC worth $1.78 billion this year, contributing to the cryptocurrency's price decline. Many miners are now pivoting toward AI infrastructure due to squeezed profit margins.
Why it matters
The shift of mining operations toward AI highlights the intersection of crypto-economics and the growing demand for high-performance computing power.
The leading cryptocurrency by market value has tanked 27% since the start of 2026 to just under $64,000, underperforming every major asset, including the S&P 500 Index.
The decline is mainly the result of withdrawals from U.S.-listed spot crypto ETFs, which have registered net outflows of over $4.4 billion, according to data source SoSoValue, forcing the funds to dump their bitcoin holdings. Analysts also point to selling by long-dormant holders and digital-asset treasury companies , most recently by Strategy (MSTR).
Missing from much of the discussion, however, are the publicly listed miners, the companies that validate blocks on the Bitcoin blockchain and receive newly issued BTC as payment.
According to data tracked by Blockware Intelligence, at the start of the year these firms held a combined 127,000 BTC. Now, it’s just 99,000 BTC, meaning they have sold a total of 28,000 BTC, worth $1.78 billion at current prices.
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