Bitcoin Mining Companies Massively Sold Off Their Reserves In March

In March, publicly traded mining companies sold more than 40% of their newly mined bitcoin, marking the largest monthly liquidation since October 2024. This trend breaks with the accumulation strategy observed after the last halving.

Bitcoin mining companies liquidate their reserves amid economic uncertainty

Data collected by TheMinerMag from 15 mining companies reveals that in March 2025, these firms sold more than 40% of the bitcoins they mined.

This massive sale represents a radical shift from the accumulation strategy adopted after the last halving.

Miners, who traditionally held part of their production as a strategic reserve, are now forced to liquidate their holdings.

This trend is mainly explained by financial imperatives. Faced with rising operational costs and fierce competition, these companies are using their bitcoin reserves to cover their budget deficits.

The market responded to this selling pressure: according to CoinGlass, bitcoin recorded a 2.3% drop in March, after a larger correction of 17.39% the previous month.

CleanSpark is among the companies that have officially announced a strategy change, now opting for a “self-financed” model which involves the regular sale of their mined bitcoins.

The impact of trade tensions on the American mining industry

The mining industry is facing a particularly hostile macroeconomic environment, especially in the United States. The tariff policies announced by President Donald Trump pose a serious threat to the sector’s profitability.

Kristian Csepcsar, marketing director at Braiins, emphasizes the impossibility of locally producing all the components necessary for mining. Tariffs, which could reach 24%, will significantly increase the cost of imported equipment and inter-company services.

According to Jaran Mellerud, CEO of Hashlabs, this situation could advantage operators based outside the United States. He stated on X:

Importing machines into the US will now cost at least 24% more than in countries without tariffs like Finland.

He even predicts that bitcoin mining in the US could become economically unfeasible if these tariffs are fully applied.

The massive sale of bitcoins by miners illustrates the structural challenges faced by the industry. If this trend continues, it could lead to a significant geographic redistribution of global mining power, weakening the United States’ dominant position in this strategic sector.