Bitcoin miner Marathon Digital (MARA) has moved 1,318 BTC worth roughly $86.9 million in just 10 hours, a move that’s catching traders’ attention as Bitcoin slides toward the $64,000 mark.
On-chain data shows the transfers were split across several destinations. According to Arkham, MARA sent its largest chunk — 653.77 BTC, valued at about $42 million — to credit and trading firm Two Prime in a single transaction. Just minutes later, another 8.99 BTC (around $578,000) followed to the same address.
The miner also transferred roughly 300 BTC to a wallet linked to crypto custodian BitGo, broken into two separate transactions worth about $20.4 million at the time. On top of that, 305 BTC, valued near $20.7 million, was sent to a brand-new wallet address.
A Tough Stretch for Bitcoin Miners
The timing of these moves matters. Bitcoin has been under heavy pressure recently and is now hovering just above $63,000, its lowest level since October 2024.
That slide is hitting miners where it hurts — profitability. Bloomberg reported that the hash price index, a key measure of mining revenue per unit of computing power, has fallen to around 3 cents per terahash, making mining far less economical.
There may be some relief ahead, though. Newhedge research suggests the upcoming biweekly mining difficulty adjustment could drop by more than 13%, one of the steepest declines since China’s mining ban in 2021.
Still, the damage is already showing up in miner stocks. MARA Holdings shares plunged more than 18%, while CleanSpark and Riot Platforms fell 19.1% and 14.7%, respectively.
Why MARA Stock Is Under Pressure
MARA’s stock has been especially hard hit, falling over 30% in the past five days and 34% over the last month, according to Google Finance.
Some of that pressure is tied to recent insider activity. On January 30, 2026, 14,301 shares of common stock were withheld at $9.50 per share to cover tax liabilities tied to the vesting of restricted stock units, according to Stock Titan data.
Beyond Bitcoin’s price slump, miners are also grappling with rising power costs, driven in part by winter storms across the US in late January. Major mining hubs in Texas and Tennessee were hit by power outages, adding another layer of strain.
“It’s a combination of the sell-off and the winter storms,” Harry Sudock, chief business officer at CleanSpark, told Bloomberg.
