Bitcoin miner hit $3.2 Billion amid price volatility

Coinfea · 2026-02-13T09:59:28+00:00

In early February, Bitcoin miners exhibited significant outflows totaling 48,774 BTC, valued at $3.2 billion, indicating strategic transfers rather than panic selling amidst market volatility. Miners face profitability challenges as production costs exceed current prices.

Coinfea

2026-02-13 09:59:28

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Outflows of bitcoin miners also rose to 48,774 BTC, equivalent to $3.2 billion in two days, which shows considerable activity in times of market turbulence

ContentsMassive BTC movement recorded in early FebruaryMiners did not sell at the same paceMiners face pressure below production costThe on-chain data indicate that these big transfers are not always indicative that miners are selling due to capitulation fears.

Massive BTC movement recorded in early February

Source: CryptoQuant Bitcoin Miner Outflow (Total) All Miners

The 28,605 BTC transferred in the wallets of Bitcoin miners over the first day was equivalent to $1.8 billion, and the second day, 20,169 BTC was equivalent to $1.4 billion

This constitutes some of the biggest single-day outflows since November 2024

The deals involve transfer to exchanges, internal wallets, and other parties, and the implication is that the outflows are not necessarily spot market sales

This trend corresponded to the fall of the price of Bitcoin to the range of $62,200 and its recovery to the range of 66,485.

Miners did not sell at the same pace

According to financial reporting done by leading mining companies, the sales that were made were significantly less than the outflows that were being reported

Companies such as CleanSpark, Cango, and DMG Blockchain Solutions claimed to have mined hundreds of BTC in January but sold minimal portions

CleanSpark has mined 573 BTC and sold 158.63 BTC, whereas Cango mined 496.35 BTC and sold 550.03 BTC. LM Funding America had mined 7.8 BTC, with zero sales

Other companies’ sales were not reported by others, but it is estimated that none have moved the amount of Bitcoin that was transferred on February 5 and 6

This is an indication that the massive outflows are mainly internal or strategic transfers as opposed to mass liquidations.

Miners face pressure below production cost

Bitcoin miners are working under stress with the prices not exceeding the cost of production

According to the information on Checkonchain, the current cost of producing one BTC is $79, 242, whereas the trading price is $66, 485

This is a tough environment for the miners who are not profitable at present levels

The Royal Government of Bhutan has also given up 100 BTC to QCP Capital, potentially to manage their liquidity, suggesting that state-sponsored miners are busy moving their holdings during market volatility

Since it was selling at 97,860 on January 14, Bitcoin has dropped by over 30% due to the continued selling and the increased cautiousness in the market.

Although on-chain flows have been massive, miner outflows are not market capitulation

Transfers are a manifestation of strategic management, internal mobility, and selective sales

Bitcoin miners are going through a phase of unprofitable time, and a massive outflow is not the only indicator of panic selling.

BTC4,29%

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