US's Largest Bitcoin Miner MARA Cuts Reserves by 29% and Reports Losses
MARA continues Bitcoin sales to fund its AI infrastructure investments
1MARA's financial performance
MARA Holdings reported $174.9 million in revenue for Q2 2026, marking a 27% year-over-year decline. The company posted a net loss of $611.3 million, largely due to $342.7 million in unrealized Bitcoin valuation losses. Despite this, MARA still holds $2.5 billion in cash and Bitcoin reserves.
2Decline in Bitcoin reserves
MARA's Bitcoin holdings dropped from 49,951 BTC to 35,577 BTC over one year, a 29% decrease. This reduction stems not from reduced mining output but from strategic sales to fund AI investments. In Q2, MARA mined 2,422 BTC but sold 2,213 BTC, liquidating over 91% of its production.
3Shift to AI strategy
MARA is transitioning from traditional Bitcoin mining to AI and high-performance computing infrastructure. The company raised $600 million secured by 18,750 BTC, earmarked for acquiring energy company Long Ridge. Their 505 MW power plant in Ohio will be converted into AI data centers.
4Energy infrastructure investments
Beyond the Ohio facility, MARA is developing a potential 2 GW project in Texas. CEO Fred Thiel noted AI data centers offer better energy cost efficiency than Bitcoin mining. The company is preparing for energy independence ahead of Bitcoin's next halving on November 12, 2025.
5Mining industry challenges
WuBlockchain data shows 22.7% of popular ASIC miners were operating at a loss as of August 6 due to electricity costs and network difficulty. Analysts estimate even the most efficient machines would approach breakeven if Bitcoin falls to approximately $46,800.
6Workforce reduction
MARA laid off about 15% of its workforce as part of its business transformation. This move underscores the company's departure from traditional mining operations. The staff cuts align with MARA's strategic focus on AI and energy infrastructure development.
7Market valuations
MARA disclosed selling Bitcoin at an average price of $73,078. The company remains prepared to sell more reserves depending on market conditions. Investors are debating how this strategy will impact MARA's long-term valuation as it pivots from its core mining business.
8Signs of industry transformation
MARA's moves may signal a broader shift in the Bitcoin mining sector. As traditional mining profitability declines, companies are diversifying into alternative revenue streams and energy infrastructure. MARA's strategy provides a significant case study for business model evolution in the crypto industry.
Original article: INCRYPTED — ABD'nin en büyük Bitcoin madencisi MARA rezervlerini %29 azalttı