Bitcoin Miners Liquidate Treasuries as Hashprice Crashes 53%
Major Bitcoin miners are accelerating sales to service debt obligations as hashprice revenue collapses. CoinShares reports 15-20% of global miners now operate at a loss, with difficulty adjustments signaling further stress.
Key Takeaway
Major miners are liquidating treasuries to service debt as hashprice revenue no longer covers operations.
Hashprice collapsed from $63 per PH/s/day in July 2025 to $28-$30 by early March 2026. CoinShares warned that a sustained Bitcoin fall below $70,000 could trigger miner capitulation, with operations shutting down entirely.
Marathon Digital Holdings reversed its long-term holding policy and sold 15,133 BTC between March 4 and March 25, tying the sale directly to debt repurchases totaling roughly ₱60.2 billion ($1 billion). Difficulty has dropped 4.19% over the past 30 days and 6.27% over 90 days, with the next adjustment projected for April 18.
Riot Platforms produced 1,473 BTC in the first quarter but sold 3,778 BTC during the same period, ending the quarter holding 15,680 BTC on its balance sheet. CleanSpark sold nearly its entire monthly output in February, moving 553.02 BTC after producing 568 BTC that month.
Core Scientific liquidated 1,900 BTC worth ₱10.53 billion ($175 million) in January 2026 alone and planned to dump remaining holdings throughout the first quarter. Publicly listed miners collectively reduced treasuries by over 15,000 BTC from peak levels, with miner-linked wallets holding around 1.801 million BTC in February but dollar value declining more than 20% over roughly two months.
Hashrate revenue pressure stems partly from the April 2024 halving. Core Scientific mined 8,799 BTC in 2025, down from 9,430 in 2024, as rising network difficulty compounded production cuts. Riot followed a similar pattern, selling 3,778 BTC in late 2023 and early 2024 during a previous stress period.
Miner treasury reserves sat at around ₱8.01 trillion ($133 billion) in February 2026 despite the 20% decline in dollar value over two months.
This article was written based on reporting from CryptoSlate.
