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BTC Bitcoin mining company MARA's net loss exceeded US$611 million in the second quarter
MARA Holdings, the world's largest listed bitcoin mining company, disclosed in a shareholder letter issued on August 6 that the net loss for the second quarter of 2026 exceeded US$611 million, and revenue fell 27% year-on-year. The quarterly results highlight the widening gap between MARA's continued growth in computing power and the shrinking value of Bitcoin on its balance sheet-although the company's mining production increased compared with the same period last year, its Bitcoin holdings fell by nearly a third.
Falling Bitcoin prices dragged down quarterly results.
MARA data showed that revenue in the second quarter of 2026 was US$174.9 million, down 27% from US$238.5 million in the same period last year. The company had a net loss of $611.3 million, compared with net income of $808.2 million in the same period last year; adjusted earnings before interest, tax, depreciation and amortization (EBITDA) turned to a loss of $360.9 million from a positive value of $1.2 billion in the same period last year. The company said the decline in performance was mainly due to the lower bitcoin price. Although increased production contributed to revenue, the average price of Bitcoin fell 28% year-on-year, resulting in a decrease in revenue of approximately $65.9 million.
In addition, MARA has accrued an unrealized loss of US$343 million on its digital asset holdings as the price of Bitcoin fell by approximately 45% compared to the same period last year. This marks the company's shift from a large floating market value in 2025 to a large book loss in the second quarter of 2026.
Operations continue to expand, cost pressures rise
In terms of operations, mining companies continue to expand their scale. Energized hashrate increased 22% month-on-month to 70.3 EH/s; Bitcoin production increased 3% to 2,422; and the cumulative number of blocks won increased to 700. The daily cost per PH/s improved by 4%, but as power expenditures and network difficulties grew faster than computing power, the cost of purchasing electricity per Bitcoin rose to US$38,690.
As of the end of June, MARA held 35,577 bitcoins worth approximately US$2.1 billion, a decrease of 29% from the same period last year. The positions include 9,270 bitcoins that have been lent or used as collateral. During the quarter, the company mined 2,422 bitcoins, sold 2,213 at an average price of US$73,078, and earned approximately US$4.3 million in interest income by lending 4,742 bitcoins. Management stated that if market conditions permit, it will continue to sell this flagship cryptocurrency at an appropriate time to support liquidity and capital projects.
Promoting AI infrastructure strategy
Some analysts pointed out that MARA is "liquidating its bitcoin reserves to maintain operations" and said this is not a one-time event, but a manifestation of oversupply-production increased by only 3%, but positions fell by nearly one-third. The company's current cash and bitcoin reserves of approximately $2.5 billion set a cap on its ability to sell later.
Looking back at the period from March 4 to 25, the mining company sold 15,133 bitcoins worth approximately US$1.1 billion. Most of the proceeds were used to repurchase approximately US$1 billion in convertible notes due in 2030 and 2031, while laying off approximately 15%. In addition, about 200 bitcoins (worth approximately US$12.86 million) were transferred to relevant institutions yesterday.
The company is currently focusing on building infrastructure beyond Bitcoin mining. The shareholder letter stated that the company is awaiting regulatory approval for its Long Ridge acquisition and has obtained an interest in a power supply plot in Matagoda Da County, Texas. If the project is approved, its power portfolio is expected to expand to 4.8 GW. The company will continue to invest more capital in artificial intelligence and high-performance computing in addition to its core Bitcoin mining business.
