Bitcoin miners sold 32,000 coins. The pressure is still not over.
JPMorgan's mining note is not bearish on Bitcoin. It is bearish on miners with weak power costs and full treasuries.
CryptoVibe Desk · bitcoin · mining · jpmorgan
- →Public Bitcoin miners sold 32,000 BTC in Q1 2026, per Bitcoin Magazine's report on JPMorgan's client note.
- →JPMorgan estimated Bitcoin near $63,000 sat about 19% below its $78,000 all-in production cost as of June 19.
- →Watch miner selling through Q3, because another treasury drop would turn stress into steady market supply.
- Hashprice → Hashprice is the daily revenue a miner earns for a fixed amount of computing power.
- Mining difficulty → Mining difficulty measures how hard it is for miners to add the next Bitcoin block.
Public Bitcoin miners sold 32,000 BTC in Q1 2026. Bitcoin Magazine reported the figure from a JPMorgan client note led by Nikolaos Panigirtzoglou. The note said mining economics have "worsened" this year.
The number is large for a reason. JPMorgan estimated Bitcoin near $63,000 as of June 19. That was roughly 19% below the bank's $78,000 all-in production cost estimate. Per the report, Bitcoin has traded below that line for five straight months.
MARA, CleanSpark, Riot Platforms, Cango, Core Scientific and Bitdeer drove the Q1 sales. Their 32,000 BTC sale beat the prior quarterly record of 20,000 BTC from Q2 2022, according to Bitcoin Magazine. It also topped their combined 2025 sales.
If you're holding Bitcoin, miner selling is not the whole market. But it is real supply. JPMorgan's note said about 20% of the global mining industry is operating unprofitably. That makes selling coins a balance sheet move, not a mood swing.
The network is already adjusting. Bitcoin Magazine reported a 10.09% mining difficulty drop in early June. It said two roughly 10% drawdowns have happened in 2026, in January and early June. The note called that unusual.
Hashrate also fell. Galaxy Research was cited for a 12% June drop, while Hashrate Index showed hashprice near $33 per PH/s/day as of June 19. That means weaker miners are getting paid less for the same work.
The tape matches the story. JPMorgan put total miner holdings near 1.8 million BTC as of June 19, down from about 1.86 million BTC at the end of 2023. That is not one panic sale. It is still a slow treasury bleed.
JPMorgan did not frame the setup as pure Bitcoin doom. The analysts said weak mining sentiment has historically worked as a contrarian signal for future BTC price gains. For now, the cleaner read is narrower: miners are stressed, and the coins are moving.
MARA, CleanSpark and Riot's Q1 selling was rational, not weak. JPMorgan's cost line says holding coins now means funding losses with hope.
By the end of Q3 2026, watch whether public miner holdings fall below 1.75 million BTC. That would confirm selling stayed structural.
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