MARA Holdings swung to a $611 million net loss in the second quarter, as a decline in Bitcoin prices reduced the value of its digital-asset holdings and underscored the risks of relying on mining as the company pivots toward artificial intelligence infrastructure.
The loss compared with an $808 million profit a year earlier.
Revenue fell 27% to $175 million with lower average Bitcoin prices accounting for much of the decline. MARA also recorded about $343 million in unrealized mark-to-market losses on digital assets as Bitcoin prices weakened.
The results came despite stronger mining operations. MARA produced 2,422 Bitcoin during the quarter, up 3% from a year earlier, while its energized mining capacity rose 22% to 70.3 exahash per second.
The disconnect highlights the challenge facing large Bitcoin miners:
improving production does not necessarily translate into higher earnings when the value of their Bitcoin holdings and mining output falls.
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MARA has increasingly responded by shifting capital toward power and data-center infrastructure for AI and high-performance computing. The company has been pursuing an energy-backed infrastructure strategy, including its planned acquisition of Long Ridge Energy & Power, as it seeks revenue streams less exposed to Bitcoin’s price cycles.
In a letter to shareholders, MARA CEO, Fred Thiel, said Bitcoin mining still represents the core of MARA’s business and will continue to generate cash flow that supports its other investments.
“Ultimately, we do not view Bitcoin mining and AI infrastructure as competing businesses,” said Thiel.
“Our capital allocation philosophy remains straightforward. Every megawatt should be deployed into its highest-value application. In some markets, that will continue to be Bitcoin mining. In others, it will be AI infrastructure, sovereign cloud, or enterprise computing.”
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The strategy marks a significant change for a company historically valued primarily as a leveraged bet on Bitcoin. MARA sold about 20,880 Bitcoin for $1.5 billion in the first quarter, using part of the proceeds to reduce convertible debt while redirecting capital toward its AI infrastructure plans.
The broader mining industry is following a similar path.
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CleanSpark has also expanded its power and data-center footprint while exploring AI and high-performance computing opportunities reflecting a growing view that scarce electricity and data-center capacity may offer more predictable long-term economics than Bitcoin mining alone.
For MARA, the pivot is therefore less about abandoning Bitcoin than reducing its dependence on it. The company’s latest results show that even higher production can be overwhelmed by Bitcoin-related losses strengthening the case for its attempt to turn its power assets into an AI infrastructure business.
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