Just checked the mining data and wow, the sell-off this quarter is insane. Publicly traded mining companies like Marathon, CleanSpark, and Riot dumped over 32,000 BTC in Q1 alone. That's already more than all of last year combined. Haven't seen numbers like this since the 2022 Luna crash.

The hashprice tanked to below $35 per PH/s, which is basically historic lows. About 20% of miners are running at a loss now. You can feel the pressure - these publicly traded operations are bleeding cash unless BTC makes a serious move up. CoinShares put it pretty bluntly: if Bitcoin doesn't recover significantly, we're gonna see even more capitulation from the high-cost miners through the first half of the year.

With BTC sitting around 76k right now, there's some breathing room, but clearly these publicly traded mining firms aren't waiting around. The math just doesn't work for them at current hashprices. Interesting to watch how long they hold out before we see more exits.