BTC miners sell treasuries and pivot to AI as costs rise
BTC miners are under mounting pressure as mining economics remain tight and revenue predictability shifts toward AI/HPC data services. On March 20, Bitcoin network difficulty fell about 7.8%, but profitability is still near breakeven for many rigs.
Reported all-in BTC mining costs average around $78,600 per BTC, above the BTC price. This gap keeps potential treasury selling in focus.
The latest reports show miners funding an AI pivot by reducing BTC holdings. MARA sold 15,133 BTC (part of its 53,822 BTC holdings) between March 4–25 for about $1.1B, and plans to use roughly $1B to repurchase debt. CoinShares also flagged 2025 Q4 as the toughest quarter since the April 2024 halving, with AI exposure potentially rising to ~70% of miner revenues by year-end from ~30% today.
Earnings reflect the stress: Cango reported a $572.4M FY25 loss (Q4 net loss $291.7M) tied to ASIC impairment charges and BTC weakness, and it has sold over half its BTC. BitFuFu posted a $57.4M net loss, with average all-in costs rising from $47,496 (2024) to $77,573 (2025).
Trader takeaway: BTC miners’ AI pivot plus ongoing treasury selling suggests continued downside sell pressure for BTC, especially when BTC fails to move decisively above breakeven.
Bearish
This news is bearish for BTC itself because it highlights a persistent cost/price squeeze for BTC miners. Even with a small difficulty dip, all-in mining costs remain above BTC price, which typically pushes operators to prioritize liquidity.
The later article adds clearer evidence of financing behavior: MARA’s sizable BTC sales ahead of an AI pivot and CoinShares’ view that AI revenue share could rise only as miners reallocate capital. Meanwhile, reported fiscal impact (ASIC impairments, rising all-in costs, large net losses) increases incentives to sell BTC treasury rather than wait for margins to recover.
Short-term, this can translate into continued BTC sell pressure and higher equity volatility for miner-linked stocks. Longer-term, the AI/HPC reallocation may reduce some reliance on BTC price direction, but until miners rebuild economics, treasury selling remains a near-term headwind for BTC. Traders should watch BTC treasury movement headlines and large BTC-sale schedules from public miners around key reporting windows.