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Analysts from TheEnergyMag have indicated that major Bitcoin mining firms have been actively liquidating their accumulated coins in recent months. They estimate that this trend may intensify in the near future.
According to experts, over the past five months, large mining companies have sold more than 15,000 BTC on the market. The current trend, analysts believe, reflects a gradual conclusion of the long-term holding strategy that many industry participants adhered to in previous years.
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The decline in mining profitability is prompting companies to seek new sources of liquidity. One of the most apparent solutions is the sale of accumulated digital assets.
“In other words, the era of holding coins is gradually coming to an end. Miners are liquidating assets due to a sharp drop in profits. The pressure from sellers should not come as a surprise,” noted TheEnergyMag.
Amid falling revenues, many publicly traded mining companies find themselves in a challenging financial position. In some instances, their businesses are on the brink of breaking even, while certain market participants are already operating with negative profitability.
An additional factor contributing to the pressure is the debt burden. A significant portion of public miners entered 2025 with substantial obligations, as they actively sought borrowed funds—through credit lines, loans secured by cryptocurrency, and the issuance of secured bonds.
The capital raised was directed not only towards maintaining operational activities but also towards expanding infrastructure—specifically for the construction of data centers for artificial intelligence and high-performance computing projects.
As of the end of December, the three largest players in the industry—Hut 8, MARA Holdings, and Riot Platforms—had pledged over 14,500 BTC as collateral for loans.
“The catch is that as the price of Bitcoin declines, the loan-to-collateral ratio increases. Following a sharp drop in price, the collateral ratios likely rose. This indicates that companies have already pledged additional coins to maintain loan-to-value thresholds,” analysts explained.
Despite Bitcoin’s price recovery to approximately $74,000, miners’ situations remain precarious. The rise in quotes only partially alleviates the situation, as companies still need to sell a portion of their assets to cover operational expenses and fund strategic projects.
Previously, the American mining company Riot Platforms reported record financial results for 2025: the company’s revenue reached $647.4 million compared to $376.7 million the previous year.
