Analysis: Listed mining companies' sell-off was an overlooked factor in Bitcoin's price pressure. They sold $1.78 billion in BTC during the year

Comparing news, Bitcoin has accumulated a cumulative decline of about 27% this year, and the price has fallen back below $64,000. In addition to the net outflow of US spot crypto ETFs of over $4.4 billion, the sale of long-term dormant holders and digital asset treasury companies, listed Bitcoin mining companies have also become a source of supply that has received less attention in the market.

According to Blockware Intelligence data, the total number of listed mining companies held about 127,000 BTC at the beginning of this year has dropped to 99,000, which means that about 28,000 BTC were sold during the year, worth about 1.78 billion US dollars at current prices. The Blockware Solutions research team said that the sale of listed mining companies since the beginning of the year was an underdiscussed factor in Bitcoin's weak 2026 price performance.

Currently, the profitability of mining companies is also being squeezed, and the average cost of mining 1 BTC is about 74,300 US dollars. More and more mining companies are turning to the AI business, using their already secured high-voltage power resources to support this transformation.

At the same time, the difficulty of Bitcoin mining dropped by about 18% from the high in November last year, and the decline in computing power continued to set one of the longest records. Blockware said that competition weakened after the withdrawal of large mining companies, and the number of bitcoins currently received by miners that are still in operation has increased by about 18% compared to 10 months ago, and the mining economy has improved as a result.