Onchain data suggests that about 49,000 BTC were transferred from miner wallets in two days, although public reports say that the transfers don’t show a widespread capitulation.
On February 5, Bitcoin miner outflows rose to 28,605 BTC, worth around $1.8 billion. This was one of the greatest single-day transfers since November 2024, when values changed quickly during a tumultuous trading session.
According to CryptoQuant, another 20,169 Bitcoin (BTC $67,904), worth nearly $1.4 billion, left wallets linked to miners on February 6. The last time there was a similar rise was on November 12, 2024, when outflows hit 30,187 BTC.
The rise happened at the same time as big price changes. For example, on February 5, BTC was trading at roughly $62,809, but the next day it was back up to $70,544. During times of high volatility, observers closely examine transfers of large amounts of money between miners, as these could suggest that selling pressure is building up.
So far, eight miners have released January numbers: CleanSpark, Bitdeer, Hive Digital Technologies, BitFuFu, Canaan, LM Funding America, Cango, and DMG Blockchain Solutions. They said they made about 2,377 BTC in total for the month. That number is far lower than the 28,605 BTC that were sent in one day on February 5.
Comparing outflows with reported production
The amount of money that left on February 5 and 6 is more than what the publicly disclosed companies that made in January.
Even when you add together the sales that CleanSpark, Cango, and DMG reported in January, the total is still only a small part of the 28,605 BTC that were sold in one day.
However, miner outflows don’t always mean surrender or selling on the current market right away.
CryptoQuant says that miner outflow includes transfers to exchanges, internal wallet movements, and transfers to other entities. This means that the statistic alone does not prove that coins were sold on the open market.
The size of the transfers compared to public mining sales may mean that the migrations are not just happening with big, publicly traded companies.
Treasury strategies vary across mining firms
Public miner declarations demonstrate that the treasury made some moves that were good and some that were bad.
During the month, CleanSpark mined 573 BTC and sold 158.63 BTC. At the end of January, it had 13,513 BTC on its balance sheet.
Cango mined 496.35 BTC and said it sold 550.03 BTC. It also said it would keep selling newly minted Bitcoin to help its artificial intelligence and inference platform grow.
The company sold another 4,451 BTC on February 9 for around $305 million to help pay off a loan that was backed by Bitcoin and to pay for its move into AI.
Other companies did things differently. Canaan mined 83 BTC, bringing its total to 1,778 BTC and 3,951 ETH. LM Funding mined 7.8 BTC and didn’t sell any, bringing its treasury up to 364.1 BTC.
Hive, on the other hand, uses structured commitment mechanics tied to 480 BTC to keep operations going while keeping liquidity.
Some miners always announce their monthly production data, while others only do so every now and again or have switched to quarterly reports.
Weather-driven hashrate volatility in the US
In late January, when portions of the United States were devastated by strong winter storms, the network hashrate also changed a lot. Bitcoin’s hashrate decreased to 663 exahashes per second over two days on January 27. This was a reduction of more than 40%.
The short-term drop happened because miners had to stop working to keep regional power systems stable during very cold weather and high energy demand. Companies in the US, like Marathon Digital Holdings and Iren, said they had less uptime, which led to big declines in daily productivity in the immediate term.
According to data from Blockchain.com, the hashrate went back up in early February after going down in the last week of January.