{"id":7339,"date":"2026-04-07T10:22:34","date_gmt":"2026-04-07T10:22:34","guid":{"rendered":"https:\/\/woolypooly.com\/en\/blog\/?p=7339"},"modified":"2026-04-07T10:22:35","modified_gmt":"2026-04-07T10:22:35","slug":"the-miners-are-selling","status":"publish","type":"post","link":"https:\/\/woolypooly.com\/en\/blog\/the-miners-are-selling","title":{"rendered":"The miners are selling, and something is shifting."},"content":{"rendered":"\n<p>A quiet pivot is unfolding: big miners sell BTC, cut costs, and chase AI revenue as mining margins collapse in 2026.<\/p>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li><a href=\"#the-end-of-hodl-as-a-default-strategy\">The end of HODL as a default strategy<\/a><\/li><li><a href=\"#selling-bitcoin-is-no-longer-a-red-flag\">Selling Bitcoin is no longer a red flag<\/a><\/li><li><a href=\"#why-the-numbers-stopped-working\">Why the numbers stopped working<\/a><\/li><li><a href=\"#the-quiet-move-toward-ai-and-hpc\">The quiet move toward AI and HPC<\/a><\/li><li><a href=\"#layoffs-efficiency-and-the-new-mining-reality\">Layoffs, efficiency, and the new mining reality<\/a><\/li><li><a href=\"#what-this-means-for-mining-pools\">What this means for mining pools<\/a><\/li><li><a href=\"#a-window-of-opportunity-for-smaller-miners\">A window of opportunity for smaller miners<\/a><\/li><li><a href=\"#beyond-bitcoin-diversification-returns\">Beyond Bitcoin: diversification returns<\/a><\/li><li><a href=\"#so-is-this-a-crisis-or-a-transition\">So\u2026 is this a crisis or a transition?<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-end-of-hodl-as-a-default-strategy\">The end of HODL as a default strategy<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/themes\/maktub\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/The-end-of-HODL-as-a-default-strategy-1024x683.jpg\" alt=\"\" class=\"wp-image-7340\" title=\"\" data-srcset=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/The-end-of-HODL-as-a-default-strategy-1024x683.jpg 1024w, https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/The-end-of-HODL-as-a-default-strategy-300x200.jpg 300w, https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/The-end-of-HODL-as-a-default-strategy-768x512.jpg 768w, https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/The-end-of-HODL-as-a-default-strategy.jpg 1536w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>There\u2019s a particular kind of silence you feel in mining when the numbers stop making sense. Not panic, not even fear\u2014just a slow, creeping realization that the game you\u2019ve been playing is changing shape right under your feet. That\u2019s exactly where we are now in early April 2026.<\/p>\n\n\n\n<p>For years, the identity of a serious Bitcoin miner was simple: accumulate, hold, expand. The classic <a href=\"https:\/\/woolypooly.com\/en\/blog\/hodl-hodler\" data-type=\"post\" data-id=\"1245\">HODL<\/a> narrative wasn\u2019t just ideology\u2014it was strategy. Stack BTC, survive volatility, and let time do the rest. But over the past few weeks, watching what the largest public miners are doing, it\u2019s clear that this era is fading.<\/p>\n\n\n\n<p>And the shift isn\u2019t subtle\u2014it\u2019s measurable.<\/p>\n\n\n\n<p>Public mining companies have collectively reduced reserves by more than <strong>15,000 BTC<\/strong> in recent months. That\u2019s not rebalancing. That\u2019s a coordinated shift in behavior.<\/p>\n\n\n\n<p>And once you notice it, you can\u2019t unsee it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"selling-bitcoin-is-no-longer-a-red-flag\">Selling Bitcoin is no longer a red flag<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"599\" src=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/themes\/maktub\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/image-2-1024x599.png\" alt=\"\" class=\"wp-image-7341\" title=\"\" data-srcset=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/image-2-1024x599.png 1024w, https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/image-2-300x176.png 300w, https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/image-2-768x449.png 768w, https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/image-2.png 1099w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Let\u2019s talk specifics\u2014because the numbers here matter.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.mara.com\/\" target=\"_blank\" rel=\"noopener\">MARA Holdings<\/a> sold <strong>15,133 BTC<\/strong> between March 4 and March 25, 2026, raising roughly <strong>$1.1 billion<\/strong>. This wasn\u2019t panic selling. It was calculated: the funds were used to repurchase convertible senior notes due in 2030 and 2031 at about a <strong>9% discount<\/strong>, cutting total convertible debt from around <strong>$3.3 billion to $2.3 billion<\/strong>.<\/p>\n\n\n\n<p>That\u2019s a <strong>30% reduction in debt<\/strong>\u2014paid for with Bitcoin.<\/p>\n\n\n\n<p>After the sale, MARA still holds <strong>38,689 BTC<\/strong>, but that\u2019s a <strong>28% drop<\/strong> in reserves. And almost simultaneously, they initiated layoffs\u2014about <strong>15% of staff<\/strong> (roughly 40 employees), signaling a broader restructuring.<\/p>\n\n\n\n<p>Now look at <a href=\"https:\/\/www.riotplatforms.com\/\" target=\"_blank\" rel=\"noopener\">Riot Platforms<\/a>.<\/p>\n\n\n\n<p>In Q1 2026, Riot mined <strong>1,473 BTC<\/strong>\u2014but sold <strong>3,778 BTC<\/strong>, generating <strong>$289.5 million<\/strong> at an average price of around <strong>$76,600 per BTC<\/strong>. That\u2019s more than <strong>2.5\u00d7 their production<\/strong>.<\/p>\n\n\n\n<p>Their remaining reserves? <strong>15,680 BTC<\/strong>, down <strong>18% year-over-year<\/strong>, with <strong>5,802 BTC pledged as collateral<\/strong>.<\/p>\n\n\n\n<p>This is not \u201chold at all costs.\u201d This is active treasury management.<\/p>\n\n\n\n<p>And across the industry, we\u2019ve seen similar behavior:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Core Scientific sold around <strong>1,900 BTC<\/strong> earlier this year<\/li>\n\n\n\n<li>Bitdeer reduced reserves to effectively <strong>zero<\/strong> in February<\/li>\n<\/ul>\n\n\n\n<p>Bitcoin is no longer sacred inventory. It\u2019s liquidity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"why-the-numbers-stopped-working\">Why the numbers stopped working<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"516\" src=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/themes\/maktub\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/image-3-1024x516.png\" alt=\"\" class=\"wp-image-7342\" title=\"\" data-srcset=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/image-3-1024x516.png 1024w, https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/image-3-300x151.png 300w, https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/image-3-768x387.png 768w, https:\/\/woolypooly.com\/en\/blog\/wp-content\/uploads\/2026\/04\/image-3.png 1399w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Bitcoin <a href=\"https:\/\/data.hashrateindex.com\/network-data\/bitcoin-hashprice-index\" target=\"_blank\" rel=\"noopener\">Hashprice<\/a><\/figcaption><\/figure>\n\n\n\n<p>If you want to understand why this is happening, you don\u2019t need narratives\u2014you need math.<\/p>\n\n\n\n<p>Hashprice has collapsed.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>~<strong>$63\/PH\/s\/day<\/strong> in July 2025<\/li>\n\n\n\n<li>~<strong>$36\u201338<\/strong> by late 2025<\/li>\n\n\n\n<li>~<strong>$28\u201330<\/strong> in early March 2026<\/li>\n<\/ul>\n\n\n\n<p>That\u2019s a drop of more than <strong>50%<\/strong> in under a year, landing us at a <strong>five-year low<\/strong>.<\/p>\n\n\n\n<p>At the same time, costs haven\u2019t cooperated.<\/p>\n\n\n\n<p>Average cash cost for public miners is now around <strong>$80,000 per BTC<\/strong>, while market prices in March\u2013April hover around <strong>$67k\u201370k<\/strong>. That means some operations are effectively losing up to <strong>$19,000 per coin mined<\/strong>.<\/p>\n\n\n\n<p>And here\u2019s where it gets brutal: roughly <strong>15\u201320% of older hardware<\/strong> is now economically obsolete\u2014especially for miners paying <strong>\u22656\u00a2\/kWh<\/strong>.<\/p>\n\n\n\n<p>Even the positives feel muted.<\/p>\n\n\n\n<p>Yes, network hashrate saw its <strong>first quarterly decline in six years<\/strong> in Q1 2026. Yes, difficulty adjusted downward slightly. But overall network pressure remains high.<\/p>\n\n\n\n<p>And transaction fees? Still contributing <strong>less than 1%<\/strong> of block rewards.<\/p>\n\n\n\n<p>So the equation becomes unavoidable:<\/p>\n\n\n\n<p>You can mine\u2026 or you can survive. Doing both is no longer guaranteed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-quiet-move-toward-ai-and-hpc\">The quiet move toward AI and HPC<\/h2>\n\n\n\n<p>Now shift your focus from what miners are selling to what they\u2019re building.<\/p>\n\n\n\n<p>This is where the story gets even more interesting.<\/p>\n\n\n\n<p>Public miners are aggressively pivoting toward AI and high-performance computing (HPC), leveraging their core advantages: energy access, land, and data center infrastructure.<\/p>\n\n\n\n<p>The scale is massive.<\/p>\n\n\n\n<p>Across the sector, announced AI\/HPC capacity projects now total roughly <strong>21 gigawatts<\/strong>. That\u2019s not experimentation\u2014that\u2019s industrial repositioning.<\/p>\n\n\n\n<p>And the revenue mix is already shifting.<\/p>\n\n\n\n<p>Today, some miners generate around <strong>30% of revenue<\/strong> from AI-related services. By the end of 2026, projections suggest that figure could rise to <strong>70%<\/strong> for certain players.<\/p>\n\n\n\n<p>Why?<\/p>\n\n\n\n<p>Because AI offers something mining doesn\u2019t:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>predictable, contract-based income<\/li>\n\n\n\n<li>higher and more stable margins<\/li>\n\n\n\n<li>long-term agreements with hyperscalers<\/li>\n<\/ul>\n\n\n\n<p>Meanwhile, Riot has already been expanding data centers tied to AI\/HPC colocation, while also growing its mining capacity to <strong>42.5 EH\/s<\/strong>\u2014a <strong>26% increase<\/strong>\u2014and reducing energy cost to around <strong>3.0\u00a2\/kWh<\/strong> thanks to credits.<\/p>\n\n\n\n<p>It\u2019s a dual strategy: scale mining where efficient, and redirect capital where returns are steadier.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"layoffs-efficiency-and-the-new-mining-reality\">Layoffs, efficiency, and the new mining reality<\/h2>\n\n\n\n<p>When margins shrink, everything gets sharper.<\/p>\n\n\n\n<p>MARA\u2019s <strong>15% workforce reduction<\/strong> isn\u2019t just a cost-saving move\u2014it\u2019s part of a broader reset. Employees were given structured exit packages, including <strong>one month of paid leave and 13 weeks of severance<\/strong>, which tells you this wasn\u2019t reactive\u2014it was planned.<\/p>\n\n\n\n<p>This is what discipline looks like in a compressed market.<\/p>\n\n\n\n<p>Mining is no longer about who can grow fastest. It\u2019s about who can operate leanest.<\/p>\n\n\n\n<p>The new rules are simple:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>energy below <strong>4\u20135\u00a2\/kWh<\/strong> is no longer optional\u2014it\u2019s survival<\/li>\n\n\n\n<li>outdated ASICs are liabilities, not assets<\/li>\n\n\n\n<li>capital efficiency matters more than scale<\/li>\n<\/ul>\n\n\n\n<p>And perhaps most importantly: flexibility beats ideology.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-this-means-for-mining-pools\">What this means for mining pools<\/h2>\n\n\n\n<p>For pools, this shift changes the flow of hashrate itself.<\/p>\n\n\n\n<p>Public miners currently control over <strong>40%+ of global hashrate<\/strong>, so when they:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>sell BTC aggressively<\/li>\n\n\n\n<li>shut down inefficient machines<\/li>\n\n\n\n<li>redirect infrastructure toward AI<\/li>\n<\/ul>\n\n\n\n<p>\u2026it creates ripple effects across the entire network.<\/p>\n\n\n\n<p>We\u2019re already seeing early signs:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>hashrate redistribution<\/li>\n\n\n\n<li>temporary declines in network power<\/li>\n\n\n\n<li>increased volatility in pool contributions<\/li>\n<\/ul>\n\n\n\n<p>This is where <a href=\"https:\/\/woolypooly.com\/en\/blog\/mining-pool\" data-type=\"post\" data-id=\"2953\">mining pools<\/a> need to adapt.<\/p>\n\n\n\n<p>Miners\u2014especially mid-sized and smaller ones\u2014are becoming more selective. They\u2019re looking for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>consistent, predictable payouts<\/li>\n\n\n\n<li>low and transparent fees<\/li>\n\n\n\n<li>strong uptime and infrastructure<\/li>\n\n\n\n<li>support for alternative PoW coins<\/li>\n<\/ul>\n\n\n\n<p>Because in uncertain conditions, stability becomes the product.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"a-window-of-opportunity-for-smaller-miners\">A window of opportunity for smaller miners<\/h2>\n\n\n\n<p>Here\u2019s the part that feels almost counterintuitive.<\/p>\n\n\n\n<p>When giants step back, even slightly, space opens up.<\/p>\n\n\n\n<p>The decline in hashrate and subsequent difficulty adjustments create breathing room. Not a massive one\u2014but enough for efficient operators to capture more rewards.<\/p>\n\n\n\n<p>And timing matters.<\/p>\n\n\n\n<p>After winter shutdowns and early-year pressure, April 2026 is already showing signs of <strong>partial recovery in mining \u0434\u043e\u0445\u043e\u0434\u043d\u043e\u0441\u0442\u044c<\/strong>. Not a full rebound\u2014but a shift.<\/p>\n\n\n\n<p>The winners in this window are clear:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>miners with electricity costs below <strong>4\u00a2\/kWh<\/strong><\/li>\n\n\n\n<li>operators running <a href=\"https:\/\/woolypooly.com\/en\/blog\/4nm-asic-and-the-mining-split-in-2026\" data-type=\"post\" data-id=\"7313\">next-gen ASICs<\/a><\/li>\n\n\n\n<li>setups that can quickly adapt to market changes<\/li>\n<\/ul>\n\n\n\n<p>For them, this isn\u2019t just survival\u2014it\u2019s opportunity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"beyond-bitcoin-diversification-returns\">Beyond Bitcoin: diversification returns<\/h2>\n\n\n\n<p>At the same time, there\u2019s a subtle shift happening outside Bitcoin.<\/p>\n\n\n\n<p><a href=\"https:\/\/woolypooly.com\/en\">GPU mining<\/a> is quietly becoming relevant again\u2014not as a hype cycle, but as a tactical move. When BTC margins compress this much, attention naturally spreads.<\/p>\n\n\n\n<p>Coins like <a href=\"https:\/\/woolypooly.com\/en\/coin\/cfx\">CFX<\/a> and other niche PoW networks are gaining traction\u2014not because they\u2019re guaranteed winners, but because they offer alternative economics.<\/p>\n\n\n\n<p>For smaller miners, this isn\u2019t about abandoning Bitcoin.<\/p>\n\n\n\n<p>It\u2019s about optionality.<\/p>\n\n\n\n<p>And in 2026, optionality is one of the most valuable assets you can have.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"so-is-this-a-crisis-or-a-transition\">So\u2026 is this a crisis or a transition?<\/h2>\n\n\n\n<p>It\u2019s easy to look at this moment and see only pressure:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>BTC reserves dropping by tens of thousands<\/li>\n\n\n\n<li>companies selling more than they mine<\/li>\n\n\n\n<li>layoffs and restructuring<\/li>\n\n\n\n<li>margins squeezed to the edge<\/li>\n<\/ul>\n\n\n\n<p>But that\u2019s only half the story.<\/p>\n\n\n\n<p>What we\u2019re actually witnessing is a structural transition.<\/p>\n\n\n\n<p>From HODL to liquidity.<br>From mining-only to hybrid infrastructure.<br>From growth-at-all-costs to capital efficiency.<\/p>\n\n\n\n<p>Bitcoin mining isn\u2019t dying.<\/p>\n\n\n\n<p>It\u2019s maturing.<\/p>\n\n\n\n<p>And like every maturation process, it\u2019s uncomfortable, uneven, and full of hard decisions.<\/p>\n\n\n\n<p>The real question now isn\u2019t whether the industry survives.<\/p>\n\n\n\n<p>It\u2019s who adapts fast enough to survive with it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A quiet pivot is unfolding: big miners sell BTC, cut costs, and chase AI revenue as mining margins collapse in 2026. The end of HODL&#8230;<\/p>\n","protected":false},"author":1,"featured_media":7343,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-7339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining"],"_links":{"self":[{"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/posts\/7339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/comments?post=7339"}],"version-history":[{"count":1,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/posts\/7339\/revisions"}],"predecessor-version":[{"id":7344,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/posts\/7339\/revisions\/7344"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/media\/7343"}],"wp:attachment":[{"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/media?parent=7339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/categories?post=7339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/tags?post=7339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}