Bitcoin miners faced mounting pressure last month, selling more BTC than they produced despite the cryptocurrency reaching a new record high of $109,000 on Wednesday, according to TheMinerMag.

The research highlights that publicly traded miners liquidated 115% of their April output — a level unseen since the closing months of the 2022 bear market. This indicates miners dipping into reserves to cover expenses amid challenging conditions.

While Bitcoin’s price surged above $109,000, the hashprice — the earnings per unit of mining power — lagged behind, holding steady near $55 per petahash per second (PH/s). This figure remains below the $63/PH/s observed when Bitcoin previously surpassed $100,000 last December. Elevated network difficulty and soft transaction fees continue to suppress miner revenues.

Expansion plans continue for industry leaders. CleanSpark (CLSK) surpassed 40 exahashes per second (EH/s), and IREN (IREN) increased its hashpower by 25%, aiming for 50 EH/s by June after surpassing Riot Platforms (RIOT) in realized mining power. Meanwhile, Cango (CANG) targets an additional 18 EH/s by July.

Jefferies reports MARA Holdings (MARA) maintains the highest installed hashrate at 57.3 EH/s. IREN recorded the best uptime at 97%, followed closely by HIVE Digital Technologies (HIVE) at 96%.

A strategic shift is underway in equipment financing as miners strike agreements with Bitmain to pay for rigs in Bitcoin, with options to repurchase coins at preset prices — hedging against price volatility.

Despite mining stocks’ sharp declines earlier this year, April saw notable rebounds with some gaining over 60%. Still, most remain in negative territory year-to-date, except CleanSpark and MARA Holdings, which have posted gains in 2025.