Bitcoin miner Marathon Digital (MARA) has transferred 1,318 BTC, worth $86.9 million, in 10 hours as Bitcoin slumps to $64K. The miner moved to a mix of three crypto wallets, on-chain data revealed.
Per Arkham, MARA moved a large chunk of 653.773 BTC to credit and trading firm Two Prime, worth about $42.01 million in one transfer. Minutes later, a smaller amount of 8.999 BTC, worth about $578,000, was sent to the same Two Prime-tagged address.
A separate chunk of about 300 BTC was sent to crypto custodian BitGo-linked wallet, split into two transactions, worth roughly $20.4 million at the time.
Besides, MARA also moved 305 BTC to a fresh wallet address, valued at $20.72 million.
Tough Period for BTC Miners
Bitcoin has been crashing so hard in the recent past and is now hovering just above $63,000 at the time of writing, its lowest levels since October 2024.
The plunge has taken a toll on Bitcoin miners, making it far less economical for them. Bloomberg reported Thursday that the mining revenue value per unit of computing power, called the hash price index, has dropped to around 3 cents for each terahash.
Newhedge research notes that a biweekly figure mining difficulty is set to drop by over 13%, one of the largest decreases since China banned mining in 2021.
As a result, shares of major BTC miners tumbled. MARA Holdings slumped more than 18%, while CleanSpark Inc and Riot Platforms Inc fell 19.13 and 14.7%, respectively.
MARA Trading Under Pressure – Here’s Why
MARA stock is down over 30% in the past 5 days, and 34% in the last month, according to Google Finance.
The company’s share performance is also tied to MARA’s latest insider share transactions report. On January 30, 2026, 14,301 shares of common stock were withheld at $9.50 per share to cover his tax liability upon vesting of restricted stock units, per Stock Titan data.
Apart from the headwind from the Bitcoin market downturn, miners have been facing rising power costs largely due to winter storms across the US in late January.
Further, energy-rich BTC mining hubs in Texas and Tennessee faced power outages.
“It is due to the combination of both the sell-off and winter storms,” Harry Sudock, chief business officer at CleanSpark, told Bloomberg.
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