Marathon Digital has begun actively selling part of the newly mined Bitcoins after reporting increasing operational pressures in its third-quarter 2025 report. The shift reflects a pragmatic move to sustain operations amid rising energy costs, historically low hashprice, and tightening margins.
Is #MARA, the #Bitcoin mining firm that had been consistently buying $BTC, now selling?
In the past 12 hours, #MARA transferred a total of 2,348 $BTC($236M) to #FalconX, #TwoPrime, #GalaxyDigital, and #CoinbasePrime.https://t.co/9DlN5ZPsBz pic.twitter.com/Sur1Swt1d8
— Lookonchain (@lookonchain) November 5, 2025
Operational Pressures Reshape Marathon’s Strategy
The company stated in its quarterly report an explicit policy to monetize part of mining production to finance operating capital. The hashprice —an indicator of mining profitability that measures revenue per unit of computing power— has fallen to historically low levels, and Marathon directly links the pressure to higher energy costs and intensifying network difficulty. Specifically, the energy cost per Bitcoin stood at $39,235 in Q3 2025, underscoring how input inflation is eroding profitability.
Corporate treasury remains large but dynamic: the company reported 52,850 BTC on the balance sheet as of September 30, 2025, compared with 46,255 BTC on February 28, 2025; despite that accumulated increase, Marathon chose to sell recent production to secure liquidity rather than continue passive accumulation. Hashprice remained below $50 per petahash per day, a threshold that severely restricts marginal profitability and forces miners to reevaluate expansion strategies.
Marathon’s strategic response combines partial divestment of production and a pivot toward new revenue streams. The company is repurposing part of its mining-focused infrastructure toward AI hosting and data centers, aiming to convert energy-intensive capacity into diversified income. This shift is supported by efforts to source cheaper power: Marathon announced the acquisition of a wind project in Texas to enable behind-the-meter operations and reduce exposure to wholesale market volatility.
At the same time, the company launched a capital instrument: a planned offering of convertible notes for $250 million intended to finance additional Bitcoin purchases and corporate growth initiatives. Operationally, Marathon highlighted high availability at key facilities —the Hannibal (Ohio) site reported 99% uptime with 86 MW online— and production metrics showing 736 BTC mined and 218 blocks processed in September 2025.
Marathon Digital’s transition embodies the tension between long-term asset accumulation and the immediate need for liquidity in a compressed-margin environment, combining tactical Bitcoin sales, new financing structures, and infrastructure repurposing toward AI and renewable energy. The next milestone will be the execution details of the convertible notes offering and updates on the Texas wind project, developments that will signal whether the new revenue mix can stabilize the company’s operational and financial position.
