Recent reports indicate that Bitcoin miners have liquidated approximately 15,000 BTC as they navigate tightening margins and increasing debt levels. This strategic shift comes as miners prioritize investments in artificial intelligence (AI) infrastructure, further straining their capital resources.
Miners, particularly public companies, are reevaluating their strategies regarding Bitcoin (BTC) holdings, which were once viewed as central treasury assets during the bullish cycle anticipated for 2024-2025. The ongoing drop in hash price has significantly pressured profit margins, leading to increased liquidity demands.
One notable case is Cango, which reportedly sold around 4,451 BTC last month, accounting for roughly 60% of its total reserves. Similarly, Bitdeer has eliminated its Bitcoin treasury entirely, underscoring that the need for liquidity extends beyond a single entity.
Other significant players, such as Riot Platforms and Core Scientific, have also made sales, with analysts suggesting that around 2,500 BTC could be liquidated in the first quarter alone. Collectively, these developments show that major miners have divested over 15,000 Bitcoins in just five months, a response to the recent downturn in Bitcoin prices that has diminished profit-generating capacity.
The capital released from these sales is being redirected towards AI infrastructure, which has become a focal point for many mining operations. This shift has led to increased planned expenditures on data centers and computational capabilities, compelling firms to prioritize cash flow and financing strategies.
As competition intensifies and energy prices rise, along with the depreciation of Bitcoin, operational margins are tightening. The once favorable margins seen in 2021 are no longer viable, placing a strain on miners heavily reliant on traditional mining operations.
Riot Platforms indicated in a recent statement that “the ongoing decline in Bitcoin”s price may necessitate selling more than initially anticipated to maintain sufficient cash flow for daily operations and working capital.” Marathon Digital Holdings is also adapting its approach, having revised its policy to allow the liquidation of reserves rather than solely relying on the sale of newly mined coins, despite holding over 53,000 BTC as of December 31, 2025.
With hash prices hovering around $30 per PH/s daily, analyses reveal that many miners are operating with minimal profit margins. TheEnergyMag noted that historically, the gap between hash price and hash cost has driven asset liquidations.
