Bitcoin has climbed back above $64,000 after a rough stretch, but the rebound could stall if miners keep selling. On-chain data from Lookonchain shows two of the biggest public miners, MARA and Riot Platforms, moving bitcoin to exchanges this week. That's often a sign they intend to sell, and it comes as the network's hash rate has already been sliding.
MARA and Riot send BTC to NYDIG
Lookonchain flagged that MARA deposited 200 BTC to NYDIG, while Riot sent 381 BTC, worth about $24.5 million, to the same platform. Combined, that's 581 BTC. MARA still holds a hefty 36,303 BTC — around $2.34 billion at current prices — but the company posted more than $600 million in losses in the second quarter. That kind of red ink makes selling some of the stash an easy way to raise cash. Riot's move is smaller in dollar terms but still notable.
Smaller miners are folding
The prolonged bear market has already pushed some smaller miners out of business. Poolin, a mining pool that once had a big footprint, filed for Chapter 11 bankruptcy protection in New Jersey. It's also seeking court approval to sell its Texas mining properties for $52 million. The sale would help pay off creditors, but it's a sign that the downturn is far from over for many operators. Smaller players without access to cheap power or capital are the ones most at risk.
Hash rate took a hit
The selling pressure isn't new. A month ago, reports said miners dumped a record 32,000 units in the first quarter of 2026, and that helped push the network's hash rate down. When miners sell hardware or turn off machines, the hash rate falls — and that can make the network less secure and less attractive to investors. The decline also raises the cost for remaining miners, creating a vicious cycle.
Solo miner wins big
Not everyone is hurting. A solo miner solved a block this week and pocketed the full 3.125 BTC reward, worth roughly $200,000. That's a rare win for an individual, and it stands in contrast to the big public miners who are struggling to stay profitable. It's a reminder that the network still works, even when the economics are tough.
For now, the market is watching whether MARA and Riot's deposits turn into actual sales. If they do, Bitcoin's recovery above $64,000 might not last long.
