Large Bitcoin miners continue selling despite worsening profitability

The Bitcoin mining industry has entered a capitulation phase, yet major mining firms are continuing to sell off their holdings, CryptoSlate reported. Citing a first-quarter mining report from CoinShares, the outlet noted that the hashprice, a key metric for miner profitability, fell from around $63 per PH/s last July to a range of $28 to $30 in early March. This decline in profitability has led to an estimated 15% to 20% of global miners now operating at a loss. CryptoSlate highlighted a shift from past trends, where miners typically accumulated BTC during periods of poor profitability. Currently, however, large miners such as MARA Holdings (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK) are continuing to sell in large volumes. The report suggested that a crucial sign of a market bottom would be a reduction in miner selling and a stabilization of their holdings. It added that key factors influencing the market ahead include the upcoming mining difficulty adjustment on April 18, the sustainability of spot ETF inflows, and the pace at which miners transition into the AI sector.