Bitcoin BTC notched a new all-time high of $109,000 on Wednesday, but that's small consolation for bitcoin miners, who last month were forced to cash in a record number of their BTC reserves, according to mining news outlet TheMinerMag.The firm’s latest research report reveals that public miners sold 115% of their bitcoin production in April — meaning they sold more than they produced. That is the highest ratio since the tail end of the 2022 bear market.Even today, with bitcoin breaking to a new record high above $109,000, hashprice (what miners earn per unit of computational power) has failed to follow suit
source: https://www.coindesk.com/markets/2025/05/21/bitcoin-miners-sold-record-amount-of-btc-ahead-of-mays-price-surge