The post Bitcoin Miners Are Dumping Their Reserves appeared on BitcoinEthereumNews.com.

Bitcoin The “HODL” playbook that defined publicly traded Bitcoin miners through 2024 and into 2025 is dead. Key Takeaways Public Bitcoin miners sold over 15,000 BTC between October 2025 and February 2026 — the sharpest treasury liquidation this cycle. Margin pressure is at record levels, with hashprice falling below $30/PH/s and transaction fee revenue down 70%. Companies like Core Scientific and Bitdeer are abandoning mining reserves to fund AI/HPC infrastructure pivots. The HODL era for miners is effectively over — Bitcoin is now treated as operational cash, not a strategic asset. Since October 2025, these companies have collectively offloaded more than 15,000 BTC from their treasuries — a five-month liquidation that signals something more structural than a routine sell cycle. February 2026 was the worst of it. Miners unloaded roughly 6,100 BTC in a single month, the highest volume in the period. Cango (CANG) alone sold 4,451 BTC — about 60% of its reserves. Bitdeer (BTDR) went further, liquidating its entire Bitcoin treasury by early 2026. Core Scientific (CORZ), once sitting on 9,618 BTC at its peak, had roughly 630 BTC left by March 2026 after raising $175 million through sales. Riot Platforms (RIOT) sold approximately four times its monthly production in December 2025 just to cover acquisitions and keep operations running. Even MARA Holdings — the largest Bitcoin holder among public miners with over 53,000 BTC on its balance sheet — quietly updated its treasury policy in March 2026 to permit discretionary sales for the first time. That’s a significant policy shift for a company that built its brand around accumulation. The Economics Are Brutal The trigger isn’t hard to identify. Bitcoin’s price slid from an October 2025 peak near $126,000, and the economics of mining deteriorated in tandem. Network difficulty kept climbing while transaction fee revenue collapsed —…

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Filed under: News - @ March 8, 2026 6:07 am