MARA Holdings Suffers $611M Loss as Revenue Falls 27%

MARA Holdings, the largest publicly traded Bitcoin miner, reported a significant decline in revenue and net income for Q2 2026. The company's net loss reached $611 million, with a 27% year-over-year drop in revenue to $174.9 million.

The decrease in revenue was largely attributed to a 28% year-over-year drop in Bitcoin's average price, which reduced revenue by about $65.9 million. MARA also posted an unrealized loss of $343 million on its digital holdings as the BTC price fell 45% from the same period last year.

Despite the decline in revenue, MARA continued to expand its operations, with energized hashrate climbing 22% to 70.3 EH/s and production rising 3% to 2,422 BTC. The company's total blocks won increased to 700, while cost per petahash per day improved by 4%, although purchased energy cost per Bitcoin increased to $38,690.

MARA ended June with 35,577 BTC worth about $2.1 billion, down 29% from a year earlier. The company is focusing on building infrastructure beyond Bitcoin mining, awaiting regulatory approval for its Long Ridge acquisition and securing rights to a powered land site in Matagorda County, Texas.