In Q1 2026, publicly traded Bitcoin mining companies, including Marathon Digital Holdings (MARA), CleanSpark, and Riot Blockchain, sold more than 32,000 BTC, surpassing the total sales for all of 2025. This record-breaking sale highlights the challenges faced by the mining industry, as hash prices have plummeted to around $33 per petahash/second, making it difficult for many miners to remain profitable. Approximately 20% of miners are now operating at a loss due to these low hash prices and increased competition from rising hashrates. The Bitcoin Miner Reserve, which tracks the total BTC held by miners, has also seen a decline from 1.86 million BTC at the end of 2023 to roughly 1.8 million BTC currently. This trend indicates that miners are selling off their holdings to manage operational costs, particularly as energy prices rise. Asset manager CoinShares has warned that without a significant recovery in Bitcoin prices, higher-cost mining operations may face further capitulation in the first half of 2026. In contrast, Bitcoin treasury companies like Strategy continue to purchase BTC, with co-founder Michael Saylor indicating ongoing acquisitions amidst fluctuating prices.