Bitcoin Miners MARA Holdings and CleanSpark Report Major Revenue Declines in Q2 2026 Amid Price Slump

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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