Bitcoin miners are under compounding pressure: roughly 20% of the sector is now unprofitable at current BTC prices, and publicly traded miners liquidated more than 32,000 BTC in Q1 to cover operating costs — exceeding their total disposals across all of 2025. MARA, RIOT, and CLSK all grew revenues aggressively (38%, 72%, and 102% YoY respectively), yet all three remain deeply net-loss operations (-144.6%, -102.5%, and net positive only for CLSK at 46.1% net margin on its fiscal year), highlighting that top-line growth is being absorbed by energy, depreciation, and capital costs.

The structural watch here is the forced-sell feedback loop: as BTC slides, miner economics deteriorate further, triggering more BTC liquidations that suppress price, which in turn pressures weaker miners into insolvency or dilutive equity raises. CLSK stands out with a positive net margin, but its fiscal year ends in September, making direct comparison harder. The near-term catalyst is BTC price direction — any sustained move below key miner breakeven levels (est. $75K–$85K range for higher-cost operators) could accelerate hash rate contraction and secondary equity offerings.