Bitcoin’s recent move higher has sparked cautious optimism across the market. After months of weakening demand, the first signs of stabilization are beginning to appear as ETF flows turn positive again. At the same time, the mining industry is sending mixed signals. Public miners are accelerating Bitcoin sales while new high-performance hardware and premium NiceHash payrates highlight continued competition for hashpower. Here are the key developments shaping Bitcoin and the mining sector this week.
Early Signs of Demand Stabilization for Bitcoin
Bitcoin ETF Flows Turn Positive Again
Bitcoin Reaches 20 Million Supply Milestone
Public Miners Accelerate Bitcoin Sales
American Bitcoin Expands Fleet With 11,298 New Miners
MicroBT Introduces a New 9kW Rack-Mounted Hydro Series
NiceHash Payrates Surged
Bitcoin Mining Ease to Mine Index (EMI)
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Early Signs of Demand Stabilization for Bitcoin
Last week, Bitcoin climbed to $74K, reaching a one-month high as selling pressure eased and spot demand improved. After spending a brief time above $70K, BTC settled back into the trading range that has largely defined the market since February. After months of steady deterioration, the first signs of stabilization in Bitcoin demand are starting to emerge. If this trend continues, it could shift how investors position themselves for the next phase of the market cycle.
That said, the macro backdrop remains fragile. Geopolitical tensions are elevated, equities are showing signs of weakness, and overall risk appetite across financial markets is deteriorating. This makes the outlook less straightforward. Demand may be stabilizing, but broader market stress could still trigger another wave of liquidations. Zooming out, Bitcoin continues to hold above key long-term support levels, including the 200-week moving average ($58,672).
Bitcoin ETF Flows Turn Positive Again
Bitcoin ETF flows have turned positive again after five consecutive weeks of net outflows. Over the past two weeks, capital has started flowing back into the funds. The prolonged period of negative flows was one of the main forces weighing on Bitcoin’s price and contributed to the recent bear market conditions. The latest inflows therefore mark an early attempt at a reversal. Notably, the recovery in ETF demand actually began before the recent escalation of the conflict with Iran, suggesting that broader market dynamics were already shifting.
Since the launch of spot ETFs, flows have become the dominant marginal driver of Bitcoin’s price. When capital moves into the funds, Bitcoin tends to follow. When flows turn negative, the market often struggles.
That said, two weeks of inflows are not enough to confirm a structural shift in demand. What would signal a true change in the market regime is consistent net inflows sustained over several weeks.
Bitcoin Reaches 20 Million Supply Milestone
The Bitcoin network has officially crossed a historic threshold: 20 million BTC have now been mined. With Bitcoin’s supply capped at roughly 21 million coins, this means over 95% of all Bitcoin that will ever exist is already in circulation. Only about 1 million BTC remain to be mined, and the final coin is expected to be issued around 2140.
The milestone arrives roughly midway between the 2024 and 2028 halving cycles. At current issuance levels, miners collectively produce about 450 BTC per day, though this rate will drop again during the next halving in April 2028, when the block subsidy declines from 3.125 BTC to 1.5625 BTC per block.
From this point forward, Bitcoin enters what could be described as “the final million” era, where new supply becomes increasingly small relative to the total circulating supply. And for miners, that means the long-term shift toward transaction fees as the primary revenue source continues.
Public Miners Accelerate Bitcoin Sales
According to TheEnergyMag, public Bitcoin miners have been accelerating treasury sales as profitability pressures mount. Over the past five months, mining companies collectively liquidated more than 15,000 BTC, reflecting the strain caused by falling hashprice and tighter margins.
Several recent filings highlight this shift. Core Scientific revealed plans to sell its remaining ~2,500 BTC in the first quarter, with 1,900 BTC already sold in January. Riot Platforms warned that continued price weakness may force it to sell larger portions of its holdings to maintain liquidity. Even MARA, historically one of the industry’s most committed accumulators, has adjusted its treasury policy to allow broader Bitcoin sales.
The pressure is largely driven by hashprice recent drop below $30/PH/day, a level below the cash-based hashcost for many public miners. some operators are now mining at or near breakeven. Historically, large miner liquidations have coincided with late-stage bear markets but for now, the industry remains under pressure.
American Bitcoin Expands Fleet With 11,298 New Miners
While many miners are selling Bitcoin to manage tight margins, American Bitcoin continues to expand both its treasury and mining fleet. The Trump family-backed company has purchased 11,298 new ASIC miners, adding roughly 3.05 EH/s of computing power to its operations.
The machines are expected to operate at an efficiency of 13.5 J/TH. Once deployed in March 2026, American Bitcoin’s fleet will grow to 89,242 miners, representing approximately 28.1 EH/s of owned hashrate at an average efficiency of 16.0 J/TH.
The new equipment will be installed at the Drumheller facility in Alberta, a site that was previously shut down in 2024 due to high electricity costs and grid voltage issues. The restart signals that improved market conditions may have restored the site’s economic viability.
MicroBT Introduces a New 9kW Rack-Mounted Hydro Series
MicroBT has introduced a new WhatsMiner 9kW+ hydro-cooled series. The new machines use a 2U rack-mounted form factor, engineered to handle roughly 9 kW of compute per unit using hydrocooling. Importantly, the design is compatible with the existing M63S infrastructure, allowing operators to integrate the units into existing hydro deployments without redesigning racks or cooling loops.
Across the series, the machines deliver:
Hashrate: ~504 – 702 TH/s
Efficiency: 13.5 – 17 J/TH
Power consumption: ~9.2 kW per unit
Form factor: 2U rack-mounted hydro miner
NiceHash Payrates Surged
Last week, miners connected to the NiceHash marketplace earned noticeably higher payouts than those mining through traditional FPPS pools. On average, NiceHash payrates were 4.35% higher in BTC/EH/day, with the premium peaking at 8.9% in a single day.
Between March 3–9, 2026, NiceHash payrates fluctuated between 0.445–0.475 BTC/EH/day, while FPPS pools remained relatively flat at 0.435–0.438 BTC/EH/day. The difference highlights a structural advantage of marketplace-driven hashrate pricing.
Unlike fixed FPPS payout models, NiceHash operates on real-time bidding for hashrate. Buyers compete for available compute, which can drive prices above the network baseline when demand spikes. For miners, this dynamic creates asymmetric upside: when demand for hashrate rises, competitive bidding pushes payrates higher translating directly into stronger BTC-denominated revenue per unit of hashpower.
Bitcoin Mining Ease to Mine Index (EMI)
A new report by Hashlabs introduces the Bitcoin Mining Ease to Mine Index (EMI), a framework designed to evaluate how attractive different jurisdictions are for deploying and scaling mining infrastructure. The index analyzes 18 countries and assesses conditions across several dimensions, including regulatory frameworks, fiscal policies, permitting requirements, energy market access, tariffs, and operating conditions.
The study highlights how location matters despite Bitcoin mining being technically location-agnostic. Differences in legal clarity, energy market structures, and licensing regimes can significantly impact where miners choose to operate and expand.
Scores around 0.50 represent neutral environments, while jurisdictions approaching 0.60 or higher tend to offer more favourable conditions. Oman currently ranks among the most attractive locations with a score of 0.75, supported by strong fiscal and regulatory frameworks, while regions like Texas score 0.56, reflecting tightening power markets and regulatory pressures.
