One of the largest cryptocurrency miners made record bitcoin transactions worth $ 87 million

Marathon Digital, one of the largest bitcoin miners, has made large-scale transfers of the cryptocurrency amid its drop to $ 64,000. In 10 hours, the company moved 1,318 BTC with a total value of about $ 86.9 million, distributing the assets among several wallets, according to blockchain data.

The largest tranche — more than 653 BTC worth $ 42 million — was sent to Two Prime, a company specializing in lending and trading. Additionally, Marathon Digital transferred almost 9 BTC to the same wallet. Separately, about 300 BTC worth $ 20.4 million were transferred to an address associated with the cryptocurrency custodian BitGo, and another 305 BTC were transferred to a new, previously unused wallet.

The miner’s activity took place amid a sharp drop in the market. Bitcoin has fallen to its lowest level since October 2024, which has significantly affected mining profitability. The hash price index has dropped to about 3 cents per terahex, and analysts predict a drop in mining complexity of more than 13%, one of the largest since China’s mining ban in 2021.

Public miners also felt the pressure: shares of Marathon Digital fell by more than 18%, CleanSpark — by 19.1%, Riot Platforms — by 14.7%. Over the past five days, MARA shares have lost more than 30%, and over the past month — about 34%.

An additional factor was the high cost of electricity due to winter storms in the United States and power outages in Texas and Tennessee. This has further worsened the financial situation of mining companies, which are currently operating in extremely difficult market conditions.