Despite Bitcoin (BTC) hitting a fresh all-time high of $109,000 on Wednesday, miners faced challenges last month as they sold a record amount of their BTC reserves, according to data from mining news outlet TheMinerMag.
The latest research shows that public bitcoin miners offloaded 115% of their April production — meaning they sold more coins than they actually mined during the month. This marks the highest sell-through ratio since the end of the 2022 bear market.
Even with Bitcoin’s new price peak above $109,000, the hashprice — miners’ revenue per unit of computing power — remains muted. Currently, it stands near $55 per petahash per second (PH/s), significantly lower than the $63/PH/s seen when Bitcoin crossed the $100,000 mark in December. Higher network difficulty and subdued transaction fees continue to weigh on miner revenues.
Nevertheless, leading mining companies are continuing to expand their operations. CleanSpark (CLSK) recently surpassed 40 EH/s in hashrate, while IREN (IREN), which recently overtook Riot Platforms (RIOT) as the third-largest public miner by realized hashrate, boosted its hashpower by 25% and aims for 50 EH/s by June. Cango (CANG) is also planning to add another 18 EH/s by July.
According to a recent report from investment bank Jefferies, MARA Holdings (MARA) retains the highest installed hashrate at 57.3 EH/s. IREN leads in operational uptime with around 97%, followed closely by HIVE Digital Technologies (HIVE) at approximately 96%.
A notable trend is emerging in hardware procurement: several public miners have struck deals with Bitmain, allowing payment for mining rigs in Bitcoin, with an option to repurchase those coins later at a fixed price — offering a hedge against potential price spikes.
Mining stocks, which suffered in the first quarter, showed significant recovery in April with some rising over 60%, though most remain down year-to-date. Only CleanSpark and MARA Holdings are in positive territory for 2025.
