Analysis: Selling pressure from listed mining firms is an overlooked factor weighing on Bitcoin’s price; these companies have sold $1.78 billion worth of BTC this year.

Bitcoin has fallen roughly 27% year-to-date, with its price retreating below $64,000. In addition to over $4.4 billion in net outflows from U.S. spot crypto ETFs, sales by long-dormant holders and digital asset treasury firms, listed Bitcoin miners have emerged as a less-discussed supply source in the market. According to Blockware Intelligence data, listed miners held a combined ~127,000 BTC at the start of the year, a figure that has since dropped to 99,000 BTC. This translates to roughly 28,000 BTC sold year-to-date, worth around $1.78 billion at current prices. Blockware Solutions’ research team noted: “The sales by listed miners since the start of the year are an underdiscussed factor weighing on Bitcoin’s weak price performance in 2026.” Miners’ profitability is also under pressure, with the average cost to mine one BTC standing at roughly $74,300. A growing number of miners are shifting to AI operations, leveraging the high-voltage power resources they have secured to support this transition. Meanwhile, Bitcoin’s mining difficulty has dropped roughly 18% from its November peak, with the decline in hash rate marking one of the longest such stretches on record. Blockware stated that competition has eased following the exit of large miners, and active operators are now earning roughly 18% more BTC than they were 10 months ago, leading to improved mining economics.