Bitcoin miners MARA Holdings and CleanSpark reported severe financial declines in their latest quarterly earnings. MARA Holdings posted a Q2 2026 net loss of $611.3 million on $174.9 million in revenue, while CleanSpark reported a net loss of $239.8 million on $138.0 million in revenue. These losses were heavily driven by digital asset fair-value write-downs of $343 million for MARA and $116.3 million for CleanSpark, caused by a 28% drop in average Bitcoin prices. In response, both firms are aggressively expanding into AI and high-performance computing infrastructure.
Q2 2026 revenue declines
- ▪MARA Holdings reported second-quarter 2026 revenue of $174.9 million, representing a 27% decline compared to the same period in 2025.
- ▪CleanSpark reported fiscal third-quarter 2026 revenue of $138.0 million, representing a 30.5% decline compared to the same period in 2025.
- ▪MARA Holdings posted a net loss of $611.3 million, or $1.60 per diluted share, for the second quarter of 2026, compared to a net income of $808.2 million, or $1.84 per diluted share, in the second quarter of 2025.
- ▪CleanSpark reported a net loss of $239.8 million for its fiscal third quarter ended June 30, 2026.
Bitcoin price slump effects
- ▪The average price of Bitcoin declined by 28% during the second quarter of 2026, creating a challenging revenue environment for miners.
- ▪The Bitcoin halving event in April 2024 cut block rewards from 6.25 to 3.125 BTC, reducing the primary revenue source for miners.
Digital asset fair-value losses
- ▪MARA Holdings recorded a $343 million fair-value loss on its digital assets during the second quarter of 2026.
- ▪CleanSpark recorded a $116.3 million fair-value loss on its Bitcoin holdings during its fiscal third quarter ended June 30, 2026.
Mining production versus expectations
- ▪MARA Holdings' production of 2,422 Bitcoin in the second quarter of 2026 fell short of the Wall Street consensus estimate of 2,614.69 Bitcoin.
- ▪MARA Holdings mined 2,422 Bitcoin during the second quarter of 2026, which was a 3% increase over the prior year period and its highest quarterly production in over a year.
AI infrastructure diversification
- ▪CleanSpark holds an asset portfolio exceeding 1.8 gigawatts of contracted power, land, and data center capacity, and is seeking to monetize grid assets through long-term leases.
- ▪MARA Holdings is targeting the signing of at least two artificial intelligence or high-performance computing leases by the end of 2026.
Treasury management strategies
- ▪MARA Holdings arranged two Bitcoin-backed credit lines with Coinbase and Two Prime for an additional $600 million of borrowings carrying a 7.56% weighted-average debt cost.
- ▪MARA Holdings transferred 6,000 BTC, worth approximately $384.6 million, to institutional asset manager Two Prime in multiple 500 BTC transfers.
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