- Both miners reported double-digit revenue declines and shifted from profits to sizeable losses after digital asset valuation declines weighed on earnings.
- MARA and CleanSpark are investing in AI and high-performance computing infrastructure to broaden revenue beyond Bitcoin mining.
- CleanSpark ended the quarter with substantial cash, Bitcoin holdings and assets while both companies continued expanding infrastructure.
Bitcoin mining companies MARA Holdings and CleanSpark posted lower revenue and wider losses in their latest reporting periods as weaker mining economics and digital asset valuation declines hurt financial performance. Both businesses are continuing to expand into AI and high-performance computing as part of broader diversification efforts.
For the second quarter, MARA reported revenue of US$174.9 million (AU$248.36 million), down from US$238.5 million (AU$338.67 million) a year earlier. CleanSpark’s fiscal third-quarter revenue fell to US$138.0 million (AU$195.96 million) from US$198.6 million (AU$282.01 million) over the same period.
MARA posted a net loss of US$611.3 million (AU$868.05 million), compared with profit a year earlier, after recognising a US$343 million (AU$487.06 million) fair-value loss on digital assets. CleanSpark reported a net loss of US$239.8 million (AU$340.52 million), with a US$116.3 million (AU$165.15 million) fair-value loss on Bitcoin contributing to the result. Both companies also swung from positive adjusted EBITDA to losses.
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Diversification Takes Centre Stage
The companies said they are building AI and HPC businesses to complement their mining operations. MARA is expanding its power portfolio and AI capacity through acquisitions, while CleanSpark is positioning its grid-connected infrastructure to support long-term commercial opportunities beyond Bitcoin mining.
As of 30 June, CleanSpark held US$202.6 million (AU$287.69 million) in cash, Bitcoin worth US$814.9 million (AU$1.16 billion) and total assets of US$2.7 billion (AU$3.83 billion). Both companies indicated their infrastructure strategies are intended to support more durable revenue despite ongoing pressure across the mining industry.
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