Publicly listed Bitcoin mining firms have sharply increased their BTC sales over the past five months, with collective disposals from CORZ, CLSK, RIOT, BTDR, and CANG totaling roughly 15,000 BTC between October 2025 and February 2026. The selling pace accelerated as the price declined, a stark reversal from the typical holding pattern.
Monthly Sales Climb Steadily
In October and November 2025, when Bitcoin traded above $90,000, monthly sales hovered at 1,300–1,500 BTC. December saw a jump to nearly 3,100 BTC, led by aggressive liquidations from Riot Platforms. January sales reached 3,600 BTC, with Core Scientific, CleanSpark, and Bitdeer picking up the slack. February 2026 marked a new milestone: miners sold approximately 6,100 BTC, surpassing the combined totals of previous months. Canaan’s surge in activity was the main driver, while Bitcoin’s average price slipped to the $70,000 level.
CleanSpark Cashed Out 97.4% of February Production
CleanSpark’s February operational update highlighted the sector's cash crunch: the firm converted 97.4% of its monthly Bitcoin production into fiat, generating $36.65 million in revenue. Fixed costs—energy, equipment, staffing, financing—did not ease as prices fell, forcing miners to liquidate more coins to stay afloat. The inverse relationship between price and sales volume underscores mounting financial pressure on mining companies.
Supply Overhang and Market Outlook
The steady injection of 15,000 BTC into circulation over five months has added persistent supply pressure. Unlike long-term holders, miners prioritize immediate liquidity, delivering a continuous stream of coins to exchanges. February's record sales have sparked debate on whether the peak in miner selling has been reached. If the market weakens further in March, additional liquidation could follow; conversely, cost-cutting measures and alternative financing could ease the flow.