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In Q1 2026, the Bitcoin mining industry is undergoing an unprecedented identity reconstruction. Just as the global hash rate breaks through the 1 Zetahash milestone and Hashprice plummets to historic lows, leading mining companies have made a seemingly contradictory strategic choice: TeraWulf recently disclosed that its Bitcoin output retention rate has reached 95%, incorporating nearly all newly mined Bitcoin into its balance sheet. This data contrasts sharply with the "liquidation-style" selling by multiple mining companies during the same period, also marking a profound shift in mining company operating philosophy from "mining equals selling coins" to "strategic HODL."
What force is compelling mining companies to re-examine their "coin holding" strategy?
The current Bitcoin mining industry is experiencing an unprecedented cost-to-price inversion. According to calculations based on Glassnode and MacroMicro data, as of March 2026,