Bitcoin Miners Liquidate Over 5,300 BTC Amid Rising Costs
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Recent trends indicate a significant shift in the strategies of public Bitcoin miners, with a collective liquidation of 5,359 BTC. This shift reflects the growing pressures of operating costs in an increasingly challenging environment.
As of February 20, public miners held approximately 115,335 BTC, valued at around $7.4 billion. However, this treasury has seen a downturn of 4.44% month-over-month, marking the first notable decrease since miners began to stockpile Bitcoin as a form of asset management.
This drop was not unforeseen. Riot Platforms, for instance, sold 1,818 BTC in December 2025, bringing in net proceeds of $161.6 million. Meanwhile, Bitdeer took a more drastic approach, liquidating its entire Bitcoin treasury. This included 189.8 BTC that Bitdeer mined and an additional 943.1 BTC drawn from reserves, which was utilized to finance a transition toward AI infrastructure supported by $300 million in convertible notes.
The broader market scenario suggests that miners are transitioning from holding reserves to utilizing them for operational expenses as economic conditions tighten.
Over the next six months, market estimates place the hash price at around $28.73 per petahash daily. This level raises concerns for older mining fleets, rendering their operations less viable and prompting miners to evaluate their choices between selling Bitcoin, diluting equity, or falling back on costly debt options.
Moreover, a recent adjustment to Bitcoin’s mining difficulty increased by approximately 14.73%, escalating challenges for miners as the hash price slid back below $30 per petahash per day.
In recent months, revenues have been squeezed from multiple directions. The upcoming April 2024 halving will reduce block subsidies to 3.125 BTC, effectively lowering daily issuance to about 450 BTC. In addition, transaction fees have contributed minimally to miner revenue, accounting for less than 1% of total earnings.
Riot’s operations faced heightened costs in the third quarter of 2025, estimating around $46,000 to mine one Bitcoin, excluding depreciation. In light of Bitcoin trading near $60,000 during early 2026, the gap between mining costs and market prices has narrowed significantly, making treasury sales a logical liquidity strategy.
As the market dynamics continue to evolve, the actions of prominent miners such as Riot and Bitdeer illustrate varying approaches to treasury management under pressure. Riot has opted for selective liquidation, opting to retain substantial reserves while addressing liquidity needs, while Bitdeer’s full exit from its Bitcoin holdings signals a different strategy aimed at capitalizing on AI and data center growth.
In total, the treasuries of public miners account for 256 days of new Bitcoin issuance. Potential liquidations could release thousands of BTC into the market, amplifying the effects on overall supply. Consequently, the focus now shifts to which miners will continue selling and how their decisions will impact the market amidst these challenging conditions.
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Raj Patel
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