The post Are miners now net accumulators? Marathon adds 400 BTC after the crash appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) miner MARA Holdings purchased 400 BTC for approximately $46 million on Oct. 13, capitalizing on the market collapse three days earlier while most miners remained defensive. The acquisition increases MARA’s Bitcoin treasury to 53,250 BTC, valued at over $6 billion at current prices, according to Bitcoin Treasuries data. The timing reveals a strategic calculation. MARA disclosed 52,850 BTC on Sept. 30 and deployed capital into the Oct. 10-11 washout when spot prices offered post-cascade discounts. The company reported holding over $5 billion in liquid assets in the second quarter, providing flexibility to execute tactical buys during volatility that typically forces smaller operators to liquidate. Hashprice creates selective pressure Hashprice is the US dollar-denominated revenue per unit of hashrate. The metric entered a lower regime following last year’s halving and deteriorated further into October as network difficulty climbed while spot prices declined. Early October hashprice hovered near $50 to $51 per petahash per day, compressing margins for higher-cost mining fleets. Additionally, network difficulty reached record levels ahead of the crash, creating a profitability squeeze that explains MARA’s contrarian positioning. Scale miners with efficient operations and deep balance sheets can view depressed hashprice environments as favorable for inventory accumulation rather than forced selling. The hashprice backdrop also clarifies why MARA could add coins while peers managed liquidity defensively. When mining economics tighten, treasury decisions become balance sheet tests, as operators either have the cash reserves to ride through thin margins or must monetize production to cover operational expenses. Recent disclosures from major miners reveal a split between opportunistic accumulators and routine monetizers, with the latter funding capital expenditures. Riot Platforms produced 445 BTC in September and sold 465 BTC for roughly $52.6 million, executing standard treasury management to finance operations and infrastructure expansion. The company held 19,287 BTC as of…

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Filed under: News - @ October 15, 2025 9:28 am