Analysis: Selling Pressure from Publicly Traded Mining Companies is a Neglected Factor Constraining Bitcoin's Price, with $1.78 Billion Worth of BTC Sold This Year

August 12th. Bitcoin has dropped by about 27% year-to-date, falling below $64,000. In addition to more than $4.4 billion net outflows from U.S. spot crypto ETFs, the selling pressure from long-term dormant holders and digital asset treasury companies, publicly listed Bitcoin mining companies have also become a less talked about supply source in the market.

According to Blockware Intelligence data, publicly listed mining companies held a total of about 127,000 BTC at the beginning of the year, which has now decreased to 99,000 BTC. This means that approximately 28,000 BTC have been sold during the year, with a value of about $1.78 billion at the current price. The research team at Blockware Solutions stated: "The sales of publicly listed mining companies since the beginning of the year have been an under-discussed factor contributing to Bitcoin's weak price performance in 2026."

Currently, mining companies' profitability is also under pressure, with the average cost of mining 1 BTC estimated to be around $74,300. More and more mining companies are shifting towards AI businesses, utilizing their secured high-voltage power resources to support this transition.

Meanwhile, Bitcoin's mining difficulty has dropped by about 18% from its peak in November last year, marking one of the longest periods of sustained hashrate decline. Blockware stated that with the reduced competition after the exit of large-scale mining companies, the remaining miners are receiving about 18% more Bitcoin than they did ten months ago, improving the economic viability of mining.