Crypto Miners Slide as Q2 Losses Outweigh Bitcoin's Price Strength

Crypto miners MARA Holdings and Cipher Mining saw their shares decline sharply on Friday, despite Bitcoin's price holding steady near $65,000.

The declines come as these companies reported significant losses in Q2 2026. MARA Holdings posted a net loss of approximately $611 million versus a profit a year earlier, with revenue down 27% to about $174.9 million. The report included about $343 million in fair-value declines on digital assets.

Cipher Mining reported a Q2 2026 net loss of around $267.5 million, but nearly all of that was a roughly $150.5 million non-cash charge tied to warrant liability fair-value changes.

TeraWulf's Q2 2026 net loss of roughly $940.8 million looks staggering, but around $755.7 million was a non-cash hit from marking its Google warrants to market. However, the company's HPC lease revenue grew significantly, with TeraWulf's revenue split at 71% coming from AI and high-performance computing.