North American publicly traded Bitcoin mining companies sold over 32,000 BTC in the first quarter of 2026, setting a new quarterly record. This surpasses the total sales for the entire previous year and the levels seen during the Terra-Luna crash in Q2 2022. Companies such as MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer contributed to this sell-off. The surge in sales comes amid a decline in mining profitability, with hashprice dropping to a historic low of under $35 per PH/s per day. Approximately 20% of miners are now operating at a loss. CoinShares warns that unless Bitcoin prices rebound significantly, high-cost miners may face further financial challenges in the first half of 2026.