Marathon Digital Accelerates Bitcoin Transfers While Mining Economics Worsen
Marathon Digital transferred significant Bitcoin amid worsening mining economics, marked by a record-low Hashprice Index.Summary
Marathon Digital Holdings recently transferred 644 BTC, valued at $58.7 million, to exchanges like FalconX and Coinbase Prime, continuing a trend of large outflows in November. This activity occurs as Bitcoin mining economics deteriorate, with the Bitcoin Hashprice Index hitting an all-time low of $38, reflecting lower expected daily earnings per unit of mining power.
Marathon's Q3 revenue increased 92% year-over-year to $252 million, but this growth was largely due to the fair value change of digital assets, as their daily Bitcoin mining output actually decreased. To compensate, the company is actively managing 33% of its 52,850 BTC treasury through loans or collateralization.
CEO Fred Thiel attributed Bitcoin's recent drop below $90,000 to a "perfect storm" of macro pressure, including the Federal Reserve's hawkish stance reducing rate cut expectations, and profit-taking by long-term holders and institutions. He noted Bitcoin's high correlation with falling tech stocks reinforced its current status as a high-beta risk asset.
(Source：BeInCrypto)