Bybit
MARA Carried Out a Series of $87M BTC Transfers
Bitcoin mining company MARA has transferred a significant amount of bitcoin amid growing pressure on the mining industry. Onchain data from Arkham shows that the firm moved 1,318 BTC, valued at approximately $86.9 million, to a mix of trading and custody counterparties.
The largest portion of the transfer was sent to credit and trading firm Two Prime. One transaction involved 653.773 BTC, worth about $42 million, followed shortly by an additional transfer of 8.999 BTC.
MARA also sent 200 BTC and 99.999 BTC to an address associated with custody provider BitGo. Combined, these transactions were valued at more than $20 million at the time. Another 305 BTC was transferred to a newly created wallet.
Market sensitivity to miner activity
Large bitcoin transfers by miners often reflect routine treasury operations. These can include custody restructuring, collateral placement, or preparation for over-the-counter transactions.
However, timing matters. Crypto markets remain volatile following a liquidation-driven selloff earlier this week. In thin market conditions, large miner-related transfers are frequently interpreted as potential supply signals.
The transfer to Two Prime has drawn particular attention. As an active trading and credit counterparty, Two Prime may use the bitcoin for collateral or structured strategies. Such activity does not automatically imply spot market selling.
Mining economics under strain
The transfers come during a challenging period for bitcoin miners. Bitcoin prices have fallen nearly 50% from last year’s highs above $126,000, compressing margins across the sector.
According to Checkonchain data, the average cost to mine one bitcoin is currently around $87,000. Meanwhile, the spot price has dropped toward the $60,000 level. This places bitcoin roughly 20% below its estimated average production cost.
Historically, trading below production cost has been a hallmark of bear market phases. During such periods, miners often rely on balance sheet reserves to fund operations, cover energy expenses, and service debt.
As a result, MARA’s recent activity highlights the broader financial stress facing bitcoin mining companies. Market participants continue to monitor miner behavior closely, assessing whether additional selling pressure may emerge.
