Bitcoin mining isn’t a sustainable business anymore, and industry participants are slowly stepping away.
The process of validating transactions and securing the network by solving complex cryptographic puzzles to earn new Bitcoins is no longer sustainable.
Higher network difficulty, reduced block rewards after the halving, and unstable energy costs have squeezed profitability across the sector. It has turned into a capital-heavy competition.
Today’s large-scale miners must invest aggressively in infrastructure, secure cheap power, and optimise operations just to protect margins. For many, simply holding onto mined Bitcoin (BTC) is no longer an easy decision.
That’s why Bitdeer’s latest move caught attention.
Related: Explained: What is sustainable Bitcoin mining?
Bitdeer goes from holder to seller
Bitdeer (NASDAQ: BTDR), one of the largest Bitcoin miners by computational capacity, has fully liquidated its corporate Bitcoin holdings.
The company notified in an X post on Feb. 21 that it sold not just newly mined coins but also the remainder of its reserves.
While miners routinely sell a portion of production to cover operating costs, completely clearing out treasury holdings is far less common.
Bitdeer’s profitability narrowed year-over-year despite strong revenue growth. At press time, the stock was down 32.64% year-to-date, while it has dropped by 40.61% over the past 12 months.
Expansion plans, infrastructure upgrades, and power acquisition all require liquidity.
The company is also raising hundreds of millions of dollars through debt and equity offerings to fund datacenter growth and expand into high-performance computing and AI infrastructure.
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JPMorgan’s recent praise of Bitdeer
The liquidation comes just days after JPMorgan analysts highlighted Bitdeer as an emerging leader among public miners.
According to analysts led by Reginald Smith, Bitdeer surpassed MARA (NASDAQ: MARA) in self-mining hash rate, allocating more computational power to its own operations than its rival.
January was described as an especially strong month, driven in part by the deployment of the company’s proprietary SEALMINER hardware.
Unlike many competitors that rely heavily on third-party suppliers, Bitdeer has invested in developing its own mining equipment, a strategy aimed at improving efficiency and long-term competitiveness.
Bitdeer says this is not a forever situation
Company leadership insists the decision reflects liquidity management, not a loss of confidence in Bitcoin.
“Our decision to sell Bitcoin should not be a concern for the broader market. We are currently evaluating multiple non-binding powered land acquisition opportunities, and we believe it is prudent to prepare liquidity now.”
CEO Jihan Wu also clarified publicly that the zero-Bitcoin balance is not necessarily permanent.
“Now holding 0 does not mean it will always be 0 in the future. Thanks for your attention,” the post translated from Chinese read.
For now, though, Bitdeer stands apart from many publicly traded peers that continue to hold sizable Bitcoin reserves.
Related: Bitdeer Exec says Bitcoin miners may need to evolve — or die
This story was originally published by TheStreet on Feb 23, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.