Bitcoin miners liquidated their largest BTC holdings ahead of the May rally.

Despite Bitcoin reaching a new all-time high of $109,000 on Wednesday, miners faced ongoing challenges, liquidating more Bitcoin than they produced last month, reveals a recent report by TheMinerMag.

In April, public mining companies sold 115% of their Bitcoin output, the highest proportion since the end of the 2022 bear market. This indicates miners tapped into their reserves amid subdued mining profitability.

Even with Bitcoin’s price surge, the hashprice—earnings per petahash per second—lingered around $55, significantly below the $63 level seen when Bitcoin previously crossed $100,000 in December. High network difficulty and low transaction fees have kept revenue growth in check.

Mining operators continue to boost their capacity: CleanSpark (CLSK) has exceeded 40 exahashes per second (EH/s), while IREN (IREN) grew its hashrate by 25%, aiming for 50 EH/s by June, overtaking Riot Platforms (RIOT) as the third largest public miner. Cango (CANG) also targets an 18 EH/s increase by July.

According to Jefferies, MARA Holdings (MARA) holds the highest installed hashrate at 57.3 EH/s. IREN leads in uptime with 97%, followed closely by HIVE Digital Technologies (HIVE) at 96%.

Miners are increasingly using financing deals with Bitmain that allow them to acquire rigs paid in Bitcoin, with options to buy back coins at predetermined prices, hedging against Bitcoin’s volatility.

Mining stocks rebounded strongly in April after a difficult start to 2025, some rising over 60%, although most remain down year-to-date. CleanSpark and MARA Holdings stand out as positive performers this year.