Key Takeaways
How much Bitcoin does MARA currently own?
Marathon Digital owns 52,850 BTC worth approximately $6.12 billion after its last purchase of 400 BTC via FalconX.
Will Reduced Miner Sell-Off Help BTC’s Recovery?
Yes, if macro and broader market sentiment remains positive.
A few institutions like Marathon Digital Holdings [MARA] took advantage of the weekend drop to accumulate Bitcoin at a discount [BTC]. The cryptocurrency fell from $115,000 to less than $105,000 before recovering.
Amid the recovery, the Bitcoin miner scooped 400 BTC, worth $46.31 million, on October 13, according to Lookonchain.
The miner now owns 52,850 BTC, worth $6.13 billion, as of facts aggregated by Bitcoin Treasuries.
Source: Bitcoin Treasuries
From last November’s 27,000 BTC holdings, the company is on track to double its inventory. It is the second largest publicly traded company to own BTC, after Michael Saylor’s strategy.
But growth accelerated after MARA launched a hybrid approximation of buying and mining BTC.
In September alone, MARA reported that it had mined 705 BTC amid intense market competition. Over the period, network issues also reached record levels, further highlighting the challenging mining ecosystem.
The growth of mining is accompanied by increasing network problems
In September, BTC Miner’s daily revenue reached a monthly high of $60.5 million per YCharts. Over the past two weeks, the gain has dropped to an average of $50 million.
With declining revenues to cover the costs of operations, it appeared some miners were choosing to sell their inventory to pay bills.
According to CryptoQuant, the Miners’ Position Index (MPI), which tracks miner outflows or selling pressure, spiked to a monthly high of 2 on October 11, just after the market crash.
Source: CryptoQuant
However, the statistic has dropped below 0 at the time of writing, indicating that selling pressure from miners has decreased. This could give BTC plenty of room for price recovery if broader market sentiment and the macro decline remain positive.
In the meantime, the total has been used up since the end of September hashrate or mining energy has fallen from over 1 billion TH/s to 996 million TH/s. This meant that some players pulled the plug when the price dropped, reducing overall competition.
The BTC price remains stable around $115,000
At the time of writing, BTC was trading at $115,000, up about 7% from its recent low, amid Donald Trump’s reversal and softer stance on China.
Source: BTC/USDT, TradingView
However, the rates front could determine this week’s market direction. Meanwhile, MARA shares ended last Friday’s session lower at $18.65, after falling 7.6%.