I just saw data that quite reflects the panic condition in the current Bitcoin mining industry. Public mining companies like MARA, CleanSpark, Riot, and others have collectively sold more than 32,000 BTC in Q1 2026. This figure has surpassed their record sales throughout 2025, even more than the sales during Q2 2022 when Terra-Luna collapsed. So this is synonymous with extremely tight business pressure in the mining sector.

The cause? Hashprice is collapsing again. This metric is now stuck below $35 per PH/s per day, even though that has become the break-even point for many miners. Recent data shows hashprice has actually dropped to around $33 PH/s, meaning about 20% of the mining industry is operating at a loss. This has been declining since July 2025.

What’s interesting is the contrast with Bitcoin treasury companies like Strategy, which are actually continuing to buy BTC. While miners are squeezed by high energy costs and increasingly fierce hashrate competition, other parties are accumulating. Miners’ Bitcoin reserves have decreased from 1.86 million BTC at the end of 2023 to around 1.8 million BTC now. Basically, miners are selling to survive, while those with deep pockets are buying. This situation will likely continue unless BTC prices recover significantly in H1 2026.