Bitcoin Miner MARA Posts $611M Loss as Revenue Falls 27%

MARA Holdings, the biggest publicly traded Bitcoin miner, reported a web lack of over $611 million for the second quarter of 2026, as income fell 27%, the corporate mentioned in a shareholder letter launched August 6.

The quarter exhibits a widening hole between MARA’s rising computing capability and the falling worth of the Bitcoin on its steadiness sheet, with holdings down practically a 3rd even as the corporate mined extra models than a 12 months in the past.

Bitcoin Price Decline Hits MARA’s Quarterly Results

According to MARA, income in Q2 2026 fell 27% 12 months over 12 months to $174.9 million from $238.5 million. The firm posted a web lack of $611.3 million, in contrast with web earnings of $808.2 million a 12 months earlier, whereas adjusted EBITDA dropped to a lack of $360.9 million from a optimistic $1.2 billion.

The firm attributed a lot of the decline to Bitcoin’s lower cost. Revenue benefited from increased manufacturing, however a 28% year-over-year drop in Bitcoin’s common worth decreased income by about $65.9 million.

MARA additionally posted an unrealized lack of $343 million on its digital holdings as BTC fell about 45% from the identical interval final 12 months, transferring from a big mark-to-market acquire in 2025 to a big paper loss in Q2 2026.

Operationally, the miner continued to increase. Energized hashrate climbed 22% to 70.3 EH/s, whereas manufacturing rose 3% to 2,422 BTC, and whole blocks gained elevated to 700. Cost per petahash per day improved by 4%, though bought power price per Bitcoin elevated to $38,690 as energy bills and community issue rose quicker than the corporate’s hashrate development.

MARA ended June with 35,577 BTC value about $2.1 billion, down 29% from a 12 months earlier. The holdings included 9,270 BTC that have been both loaned or pledged as collateral.

During the quarter, the corporate mined 2,422 BTC, bought 2,213 BTC at a median worth of $73,078, and generated about $4.3 million in curiosity earnings by lending 4,742 BTC. Management mentioned it expects to proceed promoting the flagship cryptocurrency opportunistically to assist liquidity and capital initiatives when market circumstances warrant.

Company Presses Ahead With AI Infrastructure Strategy

Spot On Chain’s Hupzy flagged the outcomes, writing that MARA is “liquidating its BTC treasury to fund operations.” The account known as it a provide overhang quite than a one-time occasion, noting manufacturing rose simply 3% whereas holdings fell near a 3rd, and mentioned the agency’s roughly $2.5 billion in mixed money and Bitcoin units a ceiling on how rather more it might promote.

Recall that between March 4 and 25, the miner sold 15,133 BTC for about $1.1 billion, utilizing a lot of the proceeds to repurchase round $1 billion in convertible notes due in 2030 and 2031, alongside a roughly 15% workforce reduce. It additionally moved 200 models valued at about $12.86 million to NYDIG yesterday.

The firm is now specializing in constructing infrastructure past Bitcoin mining, noting within the shareholder letter that it’s awaiting regulatory approval for its Long Ridge acquisition and not too long ago secured rights to a powered land web site in Matagorda County, Texas.

If authorized, these initiatives may increase its energy portfolio to as a lot as 4.8 gigawatts as the corporate continues directing extra capital towards AI and high-performance computing alongside its core Bitcoin mining enterprise.

The publish Bitcoin Miner MARA Posts $611M Loss as Revenue Falls 27% appeared first on CryptoPotato.