Bitcoin Miners MARA and CleanSpark Report Deep Revenue Declines Amid Industry Shift

The Bitcoin mining industry is experiencing a downturn as two major players, MARA Holdings and CleanSpark, report significant revenue declines. In Q2 2026, MARA's revenue fell by 27% to $174.9 million year-over-year, while CleanSpark's revenue dropped by 30.5% to $138 million in its third fiscal quarter.

Despite the losses, both companies are expanding into AI and high-performance computing infrastructure. MARA is working on completing its Long Ridge acquisition, which it expects will add immediate positive EBITDA and expand capacity at its Hannibal campus. CleanSpark highlighted a 20-year, $6.6 billion lease at Sandersville with what it described as a high investment-grade tenant.

Investor enthusiasm for AI deal announcements has cooled, with average stock pops dropping from 24% to around 10%. The TEM AI Infrastructure Growth Index is down roughly 28.5% from its June peak.