Publicly listed Bitcoin miners sold over 40% of the collective coins mined in March, representing the largest monthly BTC liquidation for mining firms since October 2024 and reversing the post-halving trend of accumulating Bitcoin (BTC) for a corporate treasury strategy, according to TheMinerMag, which screened data from 15 publicly traded mining companies.

The increased liquidations come amid widespread macroeconomic uncertainty in financial markets and the business sector, likely signaling that companies are selling their BTC to reduce shortfalls caused by the current economic climate.

Mining firms offloading BTC to cover operational expenses contributes to selling pressure on the cryptocurrency, which can result in a price volatility. According to CoinGlass, Bitcoin posted a 2.3% loss in March, following a 17.39% correction the previous month.

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Miners struggle amid macroeconomic turmoil

High costs, operational hurdles, and fierce competitiveness within the Bitcoin mining industry are amplified by the effects of a trade war on businesses, financial markets, and global supply chains.

Kristian Csepcsar, chief marketing officer at BTC mining service provider Braiins, recently told Cointelegraph that producing all of the hardware components used for mining BTC in the United States is not possible.

US President Donald Trump’s tariff policies will impact all aspects of the supply chain, making components and business-to-business services more expensive, eroding miner profitability, Csepcsar said.

Trump’s threats of taxing energy imports also added to the uncertainty facing some US-based mining firms, as energy costs are a critical input in determining profit margins for miners.

Hashlabs CEO Jaran Mellerud predicted that higher costs from trade tensions may benefit mining firms outside the US as hardware manufacturers and resellers offload equipment originally meant for US customers to other jurisdictions at lower prices.

“Importing machines to the US will now cost at least 24% more compared to tariff-free countries like Finland,” Mellerud wrote in an April 8 X post.

The executive concluded that mining Bitcoin in the US will become economically unfeasible if 24% tariffs are levied on mining components. Mellerud also predicted US firms would gradually lose market share as a result of the tariffs.

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