In April 2025, Bitcoin miners sold the largest amount of coins since the end of 2022, offloading 115% of all mined Bitcoin for the month. This figure set a record for the market and indicates a significant impact from changes in mining profitability.
This is reported by Business • Media
Reasons for the Mass Sale of Bitcoins by Miners
The primary reason for the mass sale was a substantial decrease in mining profitability. Despite Bitcoin’s price exceeding a new historical high of $111,800 in April, the reward per hash remained low — only $55 per petahash per second (PH/s). In comparison, in December 2024, when Bitcoin’s value reached $107,000, the hashing yield briefly rose to $63/PH/s.
The decline in mining profitability was influenced by an increase in network difficulty and a decrease in transaction fees, which together put pressure on operators’ earnings. This prompted miners to bring more coins to market than they were mining.
“Despite the new price record for Bitcoin at over $111,800, the hash value (miners’ income per unit of computing power) remained low — only $55 per petahash per second (PH/s).”
Current Industry Situation and New Strategies
At the same time, leading companies in the industry are actively expanding their capacities. MARA Holdings maintains its leadership, reaching 57.3 EH/s, while CleanSpark has surpassed the 40 EH/s mark. IREN increased its capacity by 25%, overtaking Riot Platforms, and aims to reach 50 EH/s by June. Cango plans to add another 18 EH/s by July.
Miners are also reevaluating their approaches to equipment procurement. Several companies have struck deals with Bitmain, allowing them to purchase new machines for Bitcoin at a fixed price, hedging against the risks of further price increases.
After a decline in the stock prices of mining companies in the first quarter of 2025, a partial recovery has been observed — in April, some stocks rose by more than 60%. However, only CleanSpark and MARA Holdings have shown positive dynamics since the beginning of the year.
In the first quarter of 2025, leading companies Riot Platforms, MARA, and Hut 8 reported significant losses: $296.4 million, $533 million, and $134 million respectively.