Bitcoin miners faced challenging conditions in April, selling off more BTC than they produced, despite Bitcoin hitting a new all-time high of $109,000 this week, according to a report from TheMinerMag.
Data reveals that public miners liquidated 115% of their April Bitcoin production, the highest ratio observed since the conclusion of the 2022 bear market. This indicates that miners tapped into their existing Bitcoin reserves to cover expenses amid ongoing market pressures.
While Bitcoin surged past $109,000, the hashprice—a key measure of mining revenue per petahash per second (PH/s)—remained near $55, lagging behind the $63/PH/s level recorded during Bitcoin’s last major rally above $100,000 in December. Increasing mining difficulty and soft transaction fees have kept miner revenues under pressure.
Mining companies continue to expand their operations. CleanSpark (CLSK) surpassed 40 exahashes per second (EH/s), while IREN (IREN) has grown its hashrate by 25%, now aiming for 50 EH/s by June after overtaking Riot Platforms (RIOT) as the third largest public miner. Cango (CANG) plans to add 18 EH/s by July.
According to Jefferies, MARA Holdings (MARA) maintains the highest installed hashrate at 57.3 EH/s. IREN boasts the highest operational uptime at around 97%, followed closely by HIVE Digital Technologies (HIVE) at 96%.
A growing trend among miners is to finance new hardware through deals with Bitmain, paying in Bitcoin and reserving the option to repurchase the coins later at fixed prices. This strategy helps miners hedge against Bitcoin’s price fluctuations.
After a tough start to 2025, mining stocks rebounded strongly in April, with some climbing over 60%. Nonetheless, most remain down year-to-date, with CleanSpark and MARA Holdings being notable exceptions showing positive gains.
