Hold onto your hats, folks! The Bitcoin mining industry is so broke, they’re selling their grandma’s gold-plated ASICs for scrap. About 20% of the sector is losing money faster than a crypto newbie on a hot tip. Spoiler: It’s not a good look.
Profits Squeezed To The Bone
Hashprice, the fancy term for “how much you earn per computer power,” has dropped so low, even a toaster could mine Bitcoin and still lose money. Now it’s hovering at a measly $33 per petahash. For miners with old machines, that’s like trying to eat a steak with a spoon-possible, but painful.
The breakeven point? A whopping $35. That’s not a number; it’s a dare. And dare we say, the industry is taking it. Major miners like MARA and Riot are dumping 32,000 BTC in three months-more than they sold in all of 2025. Who needs savings accounts when you can just sell your soul?
This isn’t just a record; it’s a record set by a guy who’s bad at math. The reasons? A hyper-competitive network, fewer block rewards (because Bitcoin’s got a midlife crisis), and economic headwinds so strong, they could knock a whale off its perch.
Miner Reserves Have Been Draining For Years
Miners have been losing Bitcoin like it’s a contagious disease. Since 2023, they’ve shed 60,000 BTC. That’s like losing a suitcase full of gold in a casino. And now, with Q1 2026’s sales, they’re probably planning a retirement party in a Bitcoin-denominated country.
CoinShares warns: More pain is coming unless Bitcoin’s price does a magic trick. Meanwhile, corporate buyers like Strategy are buying Bitcoin like it’s the last slice of pizza at a party. Miners? They’re selling it like it’s a cursed item from a medieval dungeon.
Think ₿igger.
– Michael Saylor (@saylor) April 12, 2026
Treasury buyers step in as miners step back. It’s a crypto soap opera! While miners cry into their coffee, companies like Strategy are buying Bitcoin with the enthusiasm of a kid in a candy store. Just don’t ask them about the 32,000 BTC they sold. They’ll probably cry again.
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2026-04-17 13:03