MARA Shares Plummet Amid Lagging Bitcoin Production and Rising Mining Capacity

MARA Holdings, Inc.'s (NASDAQ:MARA) shares declined by 10.9% over the past week following the release of its second-quarter earnings.

The company's revenue dropped 26.7% to $174.9 million, with Bitcoin mining accounting for 97.2% of its revenue in the quarter.

Energized hashrate climbed by 22.5%, while Bitcoin output saw a mere 2.7% increase. The energy-only spread amounted to approximately $32,635 per mined coin, marking a decrease of 50.0% compared to the same period last year.

The company's management aims to secure at least one infrastructure lease prior to the end of the year and has expressed optimism about its AI expansion plans, which depend on securing approvals, attracting tenants, and obtaining new funding.