Publicly traded Bitcoin miners have sold about 28,000 BTC in 2026, worth roughly $1.78 billion, as the cost of producing Bitcoin exceeded its market price. Their combined holdings fell from 127,000 BTC to 99,000 BTC, a 22% decline. The figures point to mounting margin pressure on listed miners, whose business models are highly sensitive to energy, equipment and financing costs when Bitcoin prices fail to keep pace.