MARA Stock Slumps Amid Mining Capacity Growth and Lagging Bitcoin Output

MARA Holdings, Inc.'s (NASDAQ:MARA) stock price declined by 10.9% over the past week and an additional 5.3% on Friday, closing at $10.09. The company's management attributed this drop to operational discrepancies in their mining operations.

The primary issue was that MARA's Energized hashrate increased by 22.5%, while Bitcoin output only rose by 2.7%. This resulted in a significant decrease in the energy-only spread, which is estimated to be around $32,635 per mined coin. Compared to the same period last year, this represents a 50% drop.

Bitcoin mining accounted for 97.2% of MARA's revenue in the second quarter, with other digital-asset mining and hosting services contributing minimal amounts.