MARA Holdings reported a $611.3 million net loss for the second quarter of 2026, reversing an $808.2 million profit a year earlier as falling Bitcoin prices hit both its treasury and mining revenue. The largest driver of the year-over-year earnings swing was a $343.0 million fair-value loss on digital assets, compared with a $1.2 billion gain in Q2 2025.
Revenue fell 27% to $174.9 million from $238.5 million. MARA said the average price of Bitcoin mined dropped 28% to $71,325 from $98,975, reducing revenue by approximately $65.9 million. Higher production recovered only part of that pressure, contributing about $7.2 million of additional mining revenue during the quarter.
Mining Output Improves Despite a Weaker Bitcoin Price
Operationally, MARA produced 2,422 BTC, up 3% from 2,358 BTC a year earlier, while blocks won increased 1% to 700. Energized hashrate climbed 22% to 70.3 EH/s from 57.4 EH/s. The mining network expanded even as the economics of each mined Bitcoin became less favorable, leaving stronger output unable to offset the decline in realized pricing.
Cost pressure also remained visible. Purchased energy cost per Bitcoin at MARA’s owned sites increased to $38,690 from $33,735, reflecting higher power costs and network difficulty that outpaced hashrate growth. At the same time, cost per petahash per day improved 4% to $27.70. The quarter therefore showed efficiency gains at the compute level alongside weaker revenue economics per Bitcoin.
MARA ended June with 35,577 BTC worth about $2.1 billion, including 9,270 BTC that were loaned or pledged as collateral. The company sold 2,213 BTC during the quarter at an average price of $73,078, while its 10-Q shows 23,093 BTC sold during the first half to fund operations, growth initiatives and liquidity needs. Bitcoin is increasingly functioning as both a treasury reserve and a source of financing.
Long Ridge and Matagorda Push MARA Beyond Pure Mining
Management is increasingly framing Bitcoin mining as the foundation of a broader power-and-compute business. MARA is pursuing the approximately $1.5 billion acquisition of Long Ridge Energy & Power in Ohio, which includes a 485 MW gas-fired power plant, while a post-quarter agreement secured rights to a Matagorda County, Texas site with access to as much as 2,000 MW. Both projects are intended to expand MARA’s exposure to AI and high-performance computing infrastructure.
The Matagorda transaction carries a purchase price of up to $600 million and remains tied to development milestones, while Long Ridge is still subject to closing conditions and regulatory approvals. MARA said the combined projects could eventually expand its potential power portfolio to about 4.8 GW. Those figures describe a development pipeline rather than operating AI revenue already secured.
The quarter illustrates why MARA’s strategic diversification matters. Mining production and hashrate can improve while Bitcoin price movements still dominate reported earnings through revenue and mark-to-market accounting. The next phase of the investment case depends on whether MARA can convert its power portfolio into contracted digital-infrastructure cash flow, reducing reliance on Bitcoin without abandoning mining as its operating base.
