According to TheMinerMag, listed Bitcoin mining companies increased their selling of Bitcoin in March, setting the highest monthly liquidation rate since October 2024. Fifteen listed Bitcoin mining companies sold over 40% of their total Bitcoin production last month, reversing the recent trend of "HODL". The increase in sales volume indicates that miners may be dealing with a shrinking profit margin in the context of persistently low hash prices and increasing uncertainty in the trade war. It is worth noting that the data samples since January 2025 have excluded Bit Digital, Argo, Terawulf, and Stronghold as they no longer provide monthly updates. Furthermore, given that Core Scientific has ceased disclosing relevant information since February, its Bitcoin reserves are assumed to be zero.
As the Bitcoin hash price hovers around the cycle low and transaction fees in blocks drop to 1.1%, mining "holders" seem to once again rely on their Bitcoin reserves to maintain operations and enhance liquidity. CleanSpark announced on Tuesday that it will begin selling some of its monthly production to cover operating expenses, while utilizing its Bitcoin reserves to fund growth plans. The new round of selling activities also coincides with an increase in capital expenditures across the industry. Several major mining companies have announced infrastructure expansion, ASIC upgrades, or diversification into high-performance computing - all of which require capital investment in a more severe environment after halving. From a company level perspective, HIVE, Bitfarms, and Ionic Digital sold more than 10% of their production in March
