Bitcoin miner MARA has transferred 298 BTC to Cumberland, a move that could be linked to the company’s new stance on BTC sales.
MARA Recently Opened Door To Bitcoin Sales
According to on-chain analytics firm CryptoQuant, mining firm MARA has just made a transfer out of its Bitcoin wallets. The transaction has occurred just nine days after the company said in a filing with the US Securities and Exchange Commission (SEC) that it expanded its digital asset management strategy to allow for sales from BTC held on its balance sheet.
Historically, the miner has held onto the BTC that it has mined and purchased additional tokens for its treasury. Last year, however, it changed its strategy to permit sales of tokens generated via its mining operations. The expansion from earlier this month further built on this policy.
Considering that the miner is open to selling Bitcoin now, the latest outflow transaction from its reserve could be significant.
The data for the outflow transactions made by MARA | Source: CryptoQuant on X
As displayed in the above graph, this transaction involved around 298 BTC (worth $21 million right now). According to CryptoQuant, the move was to Cumberland, a digital asset liquidity platform aimed at institutional entities.
MARA’s change of stance has come while the firm has been making a push into the AI datacenter space and amid a bearish downturn in the cryptocurrency sector. Bitcoin mining is an energy-intensive process, so all miners have to pay a constant running cost in the form of electricity bills. Whether miners can net a profit on their operations depends on the value of the tokens that they are mining, which tends to go down during bearish market phases.
Based on MARA filings, CryptoQuant has estimated the average BTC mining cost.
Looks like the figure has climbed up over the years | Source: CryptoQuant on X
From the chart, it’s visible that data from MARA’s filings put an average cost to mine Bitcoin at $70,027. The cryptocurrency’s spot price is currently dangling right around this mark, so the company would be just breaking even on its operations.
Other miners could be operating at a cheaper cost, depending on the efficiency of their hardware and the cost of their power. “Highly efficient operations (new hardware + low-cost power) can mine Bitcoin for ~$45K per BTC,” noted the analytics firm.
MARA isn’t the only Bitcoin miner that has been looking at the AI sector as a lucrative opportunity. Multiple major mining companies like Bitfarms and Cango have been making a pivot to the high-performance computing (HPC) business.
BTC Price
At the time of writing, Bitcoin is trading around $70,700, down 3.5% over the past week.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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