BTC Miners MARA, CleanSpark Diversify Amid Revenue Declines

BTC mining companies MARA Holdings and CleanSpark have taken a hit as their profits sank due to weaker mining economics and digital asset valuation declines. Both businesses reported double-digit revenue declines, shifting from profits to sizeable losses in the latest reporting periods.

MARA's revenue fell to US$174.9 million (AU$248.36 million) for the second quarter, down 26% from US$238.5 million (AU$338.67 million) a year earlier. CleanSpark's fiscal third-quarter revenue dropped to US$138.0 million (AU$195.96 million), a 30% decline from US$198.6 million (AU$282.01 million) over the same period.

Both companies are expanding into AI and high-performance computing as part of their diversification efforts. CleanSpark ended the quarter with substantial cash, Bitcoin holdings, and assets, while both businesses continued to expand their infrastructure.