BTC Miners Unload $64M Worth of Bitcoin as Price Recovery Hits Snag
Bitcoin's recent price recovery to over $64,000 is facing a threat as two of its largest miners, MARA and Riot Platforms, have initiated a significant selling spree. According to data from Lookonchain, these companies have deposited substantial portions of their BTC holdings into exchanges, with the intention of selling. MARA, which posted $600 million in losses in Q2 but still holds over $2.3 billion in BTC, deposited 200 units into NYDIG on Thursday evening. Riot Platforms followed suit by depositing another 381 BTC (worth $24.5 million) at approximately the same time.
This development comes just a month after reports indicated that BTC miners had disposed of a record 32,000 units in the first quarter of 2026, leading to a decline in the blockchain's hash rate. The prolonged bear market has also been detrimental to smaller BTC miners, forcing some out of business. Poolin recently filed for Chapter 11 bankruptcy protection in New Jersey and sought approval for a $52 million sale of its Texas mining properties.