An Overlooked Bitcoin Holder Group Is Adding $1.78B in Selling Pressure

Public Bitcoin Miners Add $1.78B of Selling Pressure to BTC

Publicly traded Bitcoin miners have become an under-the-radar source of BTC supply, contributing to market pressure as Bitcoin remains stuck below $64,000.

Bitcoin has fallen about 27% since the beginning of 2026, underperforming major traditional assets such as the S&P 500.

Much of the decline has been tied to withdrawals from U.S.-listed spot Bitcoin ETFs. SoSoValue data shows those products have recorded more than $4.4 billion in net outflows. Selling by long-dormant holders and corporate Bitcoin treasury firms, including Strategy, has added to the pressure.

Public miners are another important source of Bitcoin supply. These companies earn newly issued BTC for securing the network and processing blocks, with some of those coins later sold to fund operations or other investments.

Blockware Intelligence data shows public miners held about 127,000 BTC collectively at the beginning of the year. Their holdings have since dropped to approximately 99,000 BTC, indicating that around 28,000 BTC has left their reserves, worth about $1.78 billion at current prices.

While miner sales are smaller than ETF outflows, they can still have an outsized effect in a weak market. Prices are determined by marginal supply and demand, meaning a steady stream of selling can weigh heavily when buyers are already scarce.

Blockware Solutions said sales from public miners earlier this year have been an overlooked factor behind Bitcoin’s weak 2026 performance.

Mining Economics Are Driving an AI Shift

Bitcoin mining margins have also tightened, with the average cost of producing one BTC estimated at roughly $74,300.

That pressure has prompted several mining companies to explore AI infrastructure and data-center businesses, leveraging the large amounts of electricity and power capacity they already control.

Bitcoin mining difficulty has simultaneously dropped around 18% from its November peak, alongside a prolonged decline in network hashrate.

As some major miners exit Bitcoin mining or redirect their power toward AI, competition for block rewards has decreased. This has improved the economics for miners that continue operating their Bitcoin businesses.

Blockware estimates that the remaining miners are now earning approximately 18% more BTC than they were 10 months ago.

The changing landscape underscores a broader shift in the mining industry. While some operators are selling BTC and converting their power infrastructure toward AI, reduced competition is increasing the rewards available to miners that remain focused on Bitcoin.