- MARA continues to sell bitcoin to fund its AI expansion.
- Its holdings have fallen by nearly 30% over the past year.
- Meanwhile, the company reported a $611 million loss.
Public bitcoin miner MARA Holdings released its financial results for the second quarter of 2026. The company reported a 27% year-over-year revenue decline — to $174.9 million, a net loss of $611.3 million, and a 29% reduction in its bitcoin reserves compared with last year.
The report confirms that the company is increasingly using its bitcoin to finance a pivot into AI infrastructure and high-performance computing.
Notably, MARA CEO Fred Thiel previously said that spending energy on AI data centers is more profitable than mining the first cryptocurrency.
Bitcoin Sales and the AI Bet
As of the end of June, MARA held 35,577 BTC versus 49,951 BTC a year earlier. The main reason was not lower mining output, but large-scale sales of the crypto asset.
In the second quarter, the company:
- Mined 2,422 BTC
- Sold 2,213 BTC, or more than 91% of the mined volume
- Sold the coins at an average price of $73,078
Previously, after MARA sold nearly 21,000 BTC to finance its expansion into the AI sector, the company said it was ready to continue selling part of its reserves depending on market conditions.
After the quarter ended, MARA also raised $600 million in new financing secured by 18,750 BTC. The funds are expected to be used, among other things, to acquire the energy company Long Ridge, which the company wants to turn into a site for AI data centers.
Losses, but the Strategy Remains Unchanged
MARA’s net loss of $611.3 million is largely explained by an accounting revaluation of its bitcoin, which resulted in an unrealized loss of $342.7 million. At the same time, the company’s balance sheet still held about $2.5 billion in cash and the first cryptocurrency at the end of the quarter.
MARA’s strategy is increasingly shifting away from traditional mining toward building out energy and computing infrastructure. The planned deal with Long Ridge involves acquiring a 505 MW power plant in Ohio and a campus that could potentially provide more than 1 GW of capacity for AI. The company is also developing a project in Texas, where it plans to build a site with potential capacity of up to 2 GW.
Meanwhile, conditions for miners remain challenging. According to WuBlockchain Data Center, as of August 6, about 22.7% of popular ASIC models were operating at a loss at current electricity prices and network difficulty.
Nearly 23% of Major Bitcoin Miners Are Now Operating at a Daily Loss
— Wu Blockchain (@WuBlockchain) August 7, 2026
According to WuBlockchain Data Center, about 22.7% of 22 mainstream Bitcoin mining machines tracked were generating negative daily net returns as of August 6. Under current electricity-cost and network… pic.twitter.com/HPxvvIR4zG
Analysts estimate that even the most efficient rigs would be nearing break-even if the bitcoin price drops to around $46,800.
As a reminder, MARA recently decided to cut roughly 15% of its workforce as part of its business transformation.
Сообщение Largest US Bitcoin Miner MARA Cut Reserves by 29% and Reported Losses появились сначала на INCRYPTED.