Bitcoin Miners MARA Holdings and CleanSpark Report Revenue Declines Amid Industry Shift
Two major Bitcoin mining operations, MARA Holdings and CleanSpark, have reported significant declines in revenue amidst the industry's transformation towards artificial intelligence (AI) and high-performance computing solutions.
MARA Holdings recorded Q2 2026 revenue of $174.9 million, representing a 27% year-over-year decline. CleanSpark's third fiscal quarter revenue plummeted 30.5% to $138 million.
The companies are diversifying their operations into AI and HPC sectors, with MARA finalizing its Long Ridge acquisition and securing an additional 2 GW capacity through a new site in Matagorda County, Texas. CleanSpark announced a substantial 20-year lease agreement valued at $6.6 billion for its Sandersville facility.
Despite these efforts, market enthusiasm for AI-related announcements has weakened significantly. The TEM AI Infrastructure Growth Index has declined approximately 28.5% since reaching its June high.