Bitcoin Mining Giants Mara and CleanSpark Report Double-Digit Revenue Declines

MARA Holdings and CleanSpark, two companies focused on Bitcoin mining, have posted double-digit revenue declines as they accelerate their pivot to AI infrastructure. The decline in revenue is attributed to worsening Bitcoin mining economics, which are pressuring results.

According to recent reports, MARA Holdings' revenue for the second quarter of 2026 was $174.9 million, down 27% from $238.5 million a year earlier. CleanSpark reported fiscal third-quarter revenue of $138 million for the period ended June 30, down 30.5% from $198.6 million a year earlier.

The companies' net losses also increased significantly. MARA Holdings reported a net loss of $611.3 million, compared to net income of $80.82 million a year earlier. CleanSpark posted a net loss of $239.8 million, versus net income of $257.4 million a year earlier.

Despite the weak results, both companies are optimistic about their AI infrastructure businesses. MARA Holdings' Chairman and CEO Fred Thiel stated that Bitcoin mining laid the foundation for the company's growth, while its digital infrastructure and technology initiatives will build on that base. CleanSpark President Gary Vecchiarelli noted that the current Bitcoin mining environment remains challenging but emphasized that the company holds a portfolio of scarce grid-connected power assets and multiple commercialization paths.