MARA Holdings, the leading American mining firm, reported a substantial net loss of $611.3 million for the second quarter, a stark contrast to the $808.2 million profit recorded during the same period in 2025.
— MARA (@MARA) August 6, 2026
The primary factor behind this downturn was identified as the plummeting price of Bitcoin, which averaged 28% lower than the previous year. Consequently, MARA's revenue dropped by 27%, from $238.5 million to $174.9 million. Additionally, the company's digital asset holdings experienced a paper loss of approximately $343 million due to a decline in valuations.
The remainder of the loss stemmed from depreciation, one-time write-offs, and operational expenses.
Adjusted EBITDA fell to a negative $360.9 million, a significant decline from the $1.2 billion profit recorded a year earlier.
"This quarter was defined by two factors. On one hand, the Bitcoin price environment created challenging conditions for revenue. On the other hand, we used this time for fundamental restructuring of our energy portfolio and optimizing our capital structure," stated MARA's CFO Salman Khan during a conference call with analysts.
Mining Output Increases
Despite the financial losses, MARA increased its Bitcoin production to 2,422 BTC, marking a 3% rise compared to the previous year and the best performance in the last 18 months. The computing power utilized grew by 22%, reaching 70.3 EH/s, while the cost per petahash per day decreased by 4%, down to $27.7.
During the quarter, the company sold 2,213 BTC at an average price of $73,078. The Bitcoin reserves on its balance sheet fell by 29%, totaling 35,577 BTC (approximately $2.1 billion).
MARA is currently shifting its energy assets towards AI computation. The firm is finalizing a $1.5 billion acquisition of the Long Ridge energy complex in Ohio, which, pending approval from the Federal Energy Regulatory Commission, could provide up to 600 MW of capacity for AI workloads.
In July, the company added land in Matagorda County, Texas, which is projected to have access to 2 GW by April 2028. Management expects to secure at least two rental agreements for AI infrastructure and high-performance computing by the end of the year.
"Bitcoin mining remains our foundation. We are confident that digital infrastructure combined with Exaion and our technological initiatives will enhance the value generated from this foundation," remarked Fred Thiel, Chairman and CEO of MARA.
CleanSpark's Performance
CleanSpark reported revenue of $138 million, down from $198.6 million a year prior. The company's net loss totaled $239.8 million, compared to a profit of $257.4 million for the same period last year. The adjusted EBITDA dropped to negative $113 million.
Today $CLSK reported financial results for fiscal third quarter 2026 (ended 6/30/26):
*Signed 20-year $6.6 billion triple-net lease at Sandersville with high investment-grade tenant
— CleanSpark Inc. (@CleanSpark_Inc) August 6, 2026
*Ordered and pre-paid all long-lead items to meet Sandersville RFS date
*Anticipated equity… pic.twitter.com/NcL3aBZbpm
CleanSpark estimated the loss from the revaluation of Bitcoin for the quarter at $116.3 million. As of June 30, the company held $202.6 million in cash and Bitcoin worth $814.9 million, with total assets of $2.7 billion, long-term debt of $1.8 billion, and working capital of $761 million.
CleanSpark controls over 1.8 GW of energy capacity, land, and data centers. In July, the company signed a 20-year lease for a facility in Sandersville valued at $6.6 billion with a high-rated tenant.
"Despite the challenging current economics of Bitcoin mining, we have a portfolio of rare grid-connected energy assets and several paths for their commercialization," noted Gary Vecchiarelli, President and CFO of CleanSpark.
As of August 6, shares of MARA fell by 5.2%, while CleanSpark shares dropped by over 6%.
It’s worth noting that in recent years, major Bitcoin miners have been accelerating the transition of energy facilities to data centers focused on AI, driven by pressure on mining profitability.