Bitcoin mining giant MARA Holdings transferred another 644 BTC to CEX, worth 58.7 million USD.

According to monitoring by blockchain analysis company Lookonchain, leading Bitcoin mining company Marathon Digital Holdings has transferred 644 Bitcoins to various exchanges again, worth approximately 58.7 million USD, continuing its coin transfer frenzy from November. This move comes as mining companies face increasing pressure, with the hash price index having fallen to an all-time low.

Just three days ago, Marathon Digital transferred over 150 Bitcoins to the exchange. Earlier this month, the company had transferred a total of 2,348 Bitcoins to platforms such as FalconX, TwoPrime, and Galaxy Digital, valued at over $215 million based on current market prices.

These fund transfers themselves do not confirm whether the company is preparing to sell assets, adjust funding operations, or seek other strategic uses. The purpose of such fund transfers may vary depending on the company's operational needs and market positioning.

However, it is worth noting that the timing of this fund transfer coincides with the deterioration of mining economic conditions. The hash power index data shows that the Bitcoin hash price index has been declining since July. According to the latest data, this index has fallen to a historic low of 38 dollars. This indicator measures the expected daily earnings per unit of hash power. Currently, the block reward is 3.15 Bitcoins.

The company's third-quarter financial report provided more background information. The company reported revenue of $252 million, a year-on-year increase of 92%. However, the composition of this growth is concerning.

“This growth is mainly attributed to the changes in the fair value of digital assets, especially Bitcoin, which has reached a value of $113 million. Their current Bitcoin mining output has decreased from 23.3 Bitcoins per day in the third quarter of 2024 to 22.5 Bitcoins per day. To compensate for lost revenue, they have adopted the strategy of Strategy Inc. Analyst Bart Mol pointed out that Mara holds a total of 52,850 Bitcoins, of which 33% (or 17,357 Bitcoins) are lent out, actively managed, or staked in search of returns.”

At the same time, the company's reliance on Bitcoin exposes it to the pressures of cyclical volatility. Since October of last year, the price of Bitcoin has been continuously falling, and this week it even fell below $90,000. (BeinCrypto)