TLDR
- Miners transferred over 30,000 BTC worth $2.6B since November 21.
- Bitcoin miner reserves fell to 1.803 million BTC, the lowest on record.
- Hashprice dropped over 50% to an all-time low of $34.49 per PH/s.
- Global hashrate remains above one zettahash despite falling BTC prices.
Bitcoin miners have transferred over 30,000 BTC worth about $2.6 billion since November 21. This has driven miner reserves to an all-time low of 1.803 million BTC. The sell-off follows a sharp collapse in mining profitability, with hash price falling over 50% to record lows. This development indicates an industry under pressure, as operational costs rise above revenue for many operators.
Massive Sell-Off Lowers Miner Holdings
Bitcoin miners have transferred more than 30,000 BTC from their wallets since November 21, according to data from CryptoQuant. The total value of the transferred Bitcoin is estimated at around $2.6 billion. This outflow has driven total miner reserves down to 1.803 million BTC, marking the lowest level recorded.
This wave of transfers signals a shift from accumulation to liquidation. Many miners are now using reserves to fund operations amid shrinking cash flows. The sale appears to be a response to severe pressure on mining margins, which have been eroded by declining revenues.
Hashprice Hits All-Time Low
The sharp drop in revenue is linked to a steep fall in Bitcoin’s hash price. According to data from the Hashrate Index, hashprice has dropped more than 50% in recent weeks to an all-time low of $34.49 per petahash per second.
Hashprice measures the daily earnings miners can expect per unit of computing power. For context, this value rarely dropped below $50 even during past market lows, including the 2021 China ban and the 2022 bear market.
This means that, for many operators, the cost of mining one Bitcoin now exceeds the current market price. This puts smaller and less efficient miners under intense financial pressure.
High Hashrate Despite Lower Profitability
Despite the fall in profitability, Bitcoin’s global hashrate remains high, hovering above one zettahash. This suggests that large-scale public miners are continuing to operate next-generation mining rigs even at a loss.
Many of these firms can access external capital through public markets, allowing them to subsidize ongoing operations. Analysts believe this is a strategic effort to maintain market share and outlast private competitors that do not have the same financial backing.
As prices fall and revenue declines, smaller miners are finding it harder to stay in business. Some may be forced to liquidate both digital assets and physical mining infrastructure to avoid insolvency.
Risk of Sector-Wide Capitulation Grows
Analysts warn that the current trend may continue unless Bitcoin’s price recovers. The extended drop in miner revenue, paired with a high hashrate and rising difficulty, could result in widespread capitulation across the sector.
“Without a near-term recovery in BTC price, many operators will be unable to cover basic costs,” said an industry analyst. “This could trigger further sales of Bitcoin holdings and even closures of mining facilities.”
Such a scenario could reshape the mining landscape by accelerating consolidation. Larger firms with access to capital may absorb smaller, distressed operations or force them out of the network.
The Bitcoin network remains operational, but the economic pressure on miners could increase volatility in supply and infrastructure investment over the coming months.
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