When a big mining company moves Bitcoin to an exchange, the headlines shout "selling". Usually there is a simple reason behind it: bills. Here is how miner selling really works, from listed giants to a single hosted Bitcoin miner.
By Michal Beno, CEO, OneMiners30 October 2026
Bitcoin miners earn Bitcoin, but they pay their bills in dollars, euros and naira. Electricity, staff, new machines and loans all need regular money, so most miners sell at least part of what they mine. In October, wallets linked to MARA moved about 1,000 BTC to exchanges. That does not prove a sale, but it is usually a sign of one. For a small miner, the key number is simple: how much of each day's Bitcoin goes to the power bill. For an efficient hosted machine it is about 33%. The rest is yours to keep or sell.
~1,000 BTC
moved to exchanges by MARA-linked wallets, 14 to 19 Oct
~$82.8M
value of those coins at the time
943.1 BTC
Bitdeer's whole treasury, sold in February 2026
33%
of an S23 Hyd's daily Bitcoin needed for hosted power
Lookonchain and Bitcoin.com News (October 2026), Forklog (February 2026). Last figure: OneMiners calculation at 5.2 cents per kWh, Bitcoin at $80,084.
KEY TAKEAWAYS
What happened with MARA this month?
MARA Holdings is one of the biggest listed Bitcoin mining companies in the world. In mid-October, blockchain trackers spotted large transfers from wallets linked to the company. The analytics firm Lookonchain flagged about 1,000 BTC, worth around $82.8 million, moving to the exchanges Binance and Gate. Bitcoin.com News reported that the coins moved in two batches of 500 BTC, on 14 and 19 October, and that part of them went to Coinbase.
A week before, on 8 to 9 October, about 996 BTC had gone from a MARA wallet to Galaxy Digital, a large crypto trading firm. Over the same weeks MARA's share price fell sharply, about 45% between 22 September and 16 October, as the market debated its move into AI data centres.
Here is the important part: no sale has been confirmed. Analysts pointed out that big holders also move Bitcoin to exchanges and trading desks to post collateral for loans or to change who looks after the coins. Exchange transfers are a clue, not proof.
And Bitdeer sold everything?
Yes, but that was earlier this year. In February 2026, Bitdeer reported that its Bitcoin treasury had dropped to zero. It sold the last 943.1 BTC it held, plus the 189.8 BTC it mined that week. At the same time it raised $325 million through convertible notes to fund growth in AI and data centres. Reports say it started rebuilding a small Bitcoin balance a few days later. In short: a company chose to turn coins into cash to pay for a big building plan.
The 4 reasons Bitcoin miners sell
1. Electricity
The biggest bill by far. Power companies want local money every month, not Bitcoin.
2. New machines
Bitcoin miners get outdated. Upgrading to more efficient models costs a lot of cash up front.
3. Loans and interest
Many listed miners borrowed to grow. Interest and repayments are due in cash.
4. New business lines
Some miners are building AI data centres. That needs huge investment, and selling Bitcoin is one way to fund it.
Taxes can be a fifth reason. In many countries mined Bitcoin counts as income on the day you receive it, so some miners sell part of it to cover the tax bill. See our Bitcoin mining tax guide.
How much does a small miner need to sell? A worked example
Let's take one real, efficient Bitcoin miner: the Antminer S23 Hyd 580T. It makes 580 TH/s and uses about 5.5 kW. We will host it at the 5.2 cent OneMiners price for online-ordered miners.
WORKED EXAMPLE 1: ONE DAY, ONE MINER
Bitcoin mined per day = about 0.000259 BTC ($20.77 at $80,084)
Power per day = 5.51 kW x 24 h x $0.052 = $6.88
Bitcoin to sell for power = $6.88 / $80,084 = 0.000086 BTC
Share of the day's Bitcoin = 33%. The other 67% is left over.
So roughly one coin in three pays for electricity, and about two in three is left over. The owner can sell that part, keep it, or do a mix.
WORKED EXAMPLE 2: ONE MONTH, "SELL ONLY FOR POWER"
Mined in 30 days = 0.0078 BTC
Sold to pay power = 0.0026 BTC ($206)
Kept = 0.0052 BTC
At today's numbers, before pool fees. If the price falls, more Bitcoin must be sold for the same bill.
That last line is the key to the whole story. The power bill is fixed in dollars. When the Bitcoin price drops, a miner has to sell more coins to pay it. That is why miner selling often rises in weak markets, like this October.
How much of each day's Bitcoin goes to the power bill?
Percent of daily mined Bitcoin needed for electricity (shorter bar = more left to keep)
OneMiners calculation at today's hashprice, Bitcoin at $80,084, block subsidy only, before pool fees. Not a forecast. Hosting prices: oneminers.com/pages/hosting-centers, 29 October 2026.
On cheap power, an efficient miner keeps most of what it mines. On a 13 cent home tariff, an older S21 would need to sell more Bitcoin than it makes. Our ranking of Bitcoin miners by break-even electricity price shows where each model stops paying for itself.
Three ways miners handle their Bitcoin
Sell, keep, or a bit of both?
General ideas, not financial advice. The right mix depends on your own costs, taxes and goals.
Many big miners do the middle one too. They sell what they need for running costs and keep a treasury, then sell more when they need to fund something bigger.
Does miner selling move the Bitcoin price?
Less than the headlines suggest. All Bitcoin miners together make about 450 new BTC a day (144 blocks x 3.125 BTC). That is small next to the billions of dollars of Bitcoin traded every day. A large company moving a big batch at once can affect the mood, but most of the time the price moves the miners, not the other way round.
What this means for you
Know your cost per day. Power is the number that decides how much you have to sell. Check it in the profitability calculator.
Cheap, fixed power gives you choices. A fixed rate means a falling price does not also raise your bills. Read about the 7-year fixed rate.
Efficiency protects you. A miner with fewer J/TH needs to sell a smaller share of its coins.
Plan before a bad month. Decide your sell or keep rule in advance, not on the day the price drops.
Antminer S23 Hyd 580T$12,299Hashrate580 TH/sEfficiency9.50 J/THPower draw5,510 WBreak-even power$0.157/kWhNet/day at 5.20c$13.89View on OneMiners
Sealminer A4 Ultra Hyd 886T$9,999Hashrate886 TH/sEfficiency9.45 J/THPower draw8,372 WBreak-even power$0.158/kWhNet/day at 5.20c$21.28View on OneMiners
Antminer S21 XP+ Hyd 500T$9,184Hashrate500 TH/sEfficiency11.05 J/THPower draw5,523 WBreak-even power$0.135/kWhNet/day at 5.20c$11.01View on OneMiners
Net per day at 5.2 cents per kWh, today's hashprice, before pool fees. Live prices on oneminers.com.
Big miners sell because their costs are big. The good news for a small miner: you control the biggest cost. With power from 3.6 cents per kWh on a 7-year prepaid plan, an efficient Bitcoin miner only needs to sell a small slice of its coins to pay for electricity, and you decide what happens to the rest. OneMiners runs 17 live locations with 1,964 MW of capacity and 98%+ average uptime. You own the machine, and the Bitcoin goes to your own wallet.
Frequently asked questions
Did MARA sell its Bitcoin in October 2026?
Wallets linked to MARA moved about 1,000 BTC to exchanges on 14 and 19 October. A sale has not been confirmed. Transfers can also be for loans or custody.
Why do Bitcoin miners sell?
Because their costs, mainly electricity, new machines and loans, are paid in normal money, while they earn Bitcoin.
Does miner selling crash the price?
Rarely. Miners make about 450 new BTC a day, small next to daily trading. Big one-off moves can affect the mood.
How much should a small miner sell?
That is a personal choice, not something we can advise on. Many sell just enough to pay power and keep the rest.
Does OneMiners sell my Bitcoin?
No. Your hosted Bitcoin miner pays out to your own wallet, and you pay hosting separately.
See how much of your Bitcoin you would keep.
Try the calculatorSee hosting locationsSOURCES AND DATA
- MARA transfers (about 1,000 BTC to Binance, Gate and Coinbase, 14 and 19 October; about 996 BTC to Galaxy Digital, 8 to 9 October) and share price: Lookonchain via Bitcoin.com News and BeInCrypto, October 2026
- Bitdeer treasury sale (943.1 BTC plus 189.8 BTC, to zero by 20 February 2026) and $325M convertible notes: Forklog and Whale Alert, February 2026
- Bitcoin price: CoinGecko, 29 October 2026; network data: mempool.space, 27 October 2026
- Miner prices and specifications: OneMiners catalogue, October 2026
- Hosting prices, locations, capacity and uptime: oneminers.com/pages/hosting-centers, 29 October 2026
Michal Beno
CEO of OneMiners, the global Bitcoin mining hosting and hardware platform with 17 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, news reports and the OneMiners catalogue as of 29 October 2026 and can change quickly. Net-per-day figures are at today's numbers, before pool fees, and are not a forecast. Crypto prices can fall as well as rise. No return is offered or implied. Do your own research.
