Mining News | ONEMINERS NEWS DESK
Miners are still selling Bitcoin. The size of each wave is what has changed, and that says a lot about where mining stands.
By Michal Beno, CEO, OneMiners
6 October 2026 · 4 min read
The short answer
Yes, but less. Miners sold about 1,530 BTC in the week to 26 September, leaving reserves at about 1.19 million BTC. Each large selling wave in 2026 has been smaller than the one before, from about 24,000 BTC in February to about 10,000 BTC during September's rally.
1,192,766
BTC held in miner wallets
1,530
BTC sold, week to 26 Sep
1.13
Puell Multiple
$37.8M
miner revenue, 26 Sep
CryptoQuant data via KuCoin News, 27 September 2026.
Why miners sell at all
Mining has real costs, and most of them are paid in dollars, not Bitcoin. Electricity makes up 75 to 85% of the ongoing cost, and big public miners also have staff, debt and new sites to pay for. Selling part of each month's output is normal. What matters is whether the selling is getting bigger or smaller.
Miner-to-exchange flows during 2026's big selling waves
Approximate BTC moved to exchanges per wave
February was the worst of it. Bitcoin was falling, difficulty was near its peak, and publicly listed miners sold more than 32,000 BTC in the first quarter, the largest quarterly outflow on record. Since then each wave has been roughly half the size, even as Bitcoin recovered.
What the Puell Multiple adds
The Puell Multiple compares miners' daily revenue with its one-year average. Readings well below 1 mean miners are under stress. It rose by 0.24 in a week to 1.13, meaning miner revenue is now above its yearly average. Miners under less pressure have less reason to dump coins.
The cost line everyone is watching
In June, JPMorgan put Bitcoin's all-in production cost at about $78,000, while the price sat near $62,500. That gap drove the heavy selling. With Bitcoin now near $83,722, the average miner is back above that line, and hashprice is about $40 per PH per day.
What to watch next
For a small miner, none of this is forced. On a fixed rate from $0.048 per kWh, a modern Bitcoin miner covers its power many times over, so you decide when to hold and when to sell. OneMiners also offers a pay-later option for hardware.
THE ONEMINERS VIEW
Big miners sell because their costs force them to. The advantage of cheap, fixed power is choice: you mine, you hold if you want to, and a bad month does not make the decision for you. See every rate on the hosting centers page.
START WITH ONEMINERS
See what a Bitcoin miner earns at today's hashprice.
Open the mining calculatorBrowse Bitcoin minersSOURCES AND DATA
- Miner reserves, weekly sales, Puell Multiple, revenue and hashrate: CryptoQuant via KuCoin News, 27 September 2026
- 2026 selling waves and Q1 public-miner sales: CryptoQuant research, 2026
- Production cost: JPMorgan via The Block, 18 June 2026
- Price and hashprice inputs: CoinGecko and blockchain.info, 30 September 2026
- Hosting rates: published OneMiners location pages
Michal Beno
CEO of OneMiners, the global Bitcoin mining hosting and hardware platform with 15 published hosting locations, 7-year fixed electricity contracts and a 7-year hardware warranty. He writes about the economics of industrial Bitcoin mining.
Informational only, not financial advice. Figures are a snapshot from public market data and news reports as of 30 September 2026 and can change quickly. Crypto prices can fall as well as rise. No return is offered or implied. Do your own research.
