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MARA posts Q2 net loss as Bitcoin price drop outweighs higher mining

MARA mined 2,422 Bitcoin in Q2, up 3% year over year, but its net loss of $611.3 million reflected a 28% decline in the average Bitcoin price and changes in the value of its holdings.

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Bitcoin miner MARA reported a Q2 net loss of $611.3 million, a swing from a year-earlier profit, even as it said the quarter brought its highest Bitcoin production in more than a year, according to its 10-Q filing reviewed by Cointelegraph.

MARA mined 2,422 Bitcoin in the quarter, 3% higher than the prior year period, but the gain in output was more than offset by a 28% decline in the average price of Bitcoin, which weighed on results via changes in the value of its Bitcoin holdings.

The company cited Bitcoin prices as creating a challenging revenue environment while it used the quarter to reshape its power portfolio and capital structure, Cointelegraph reported, pointing to remarks from CFO Salman Khan.

MARA also disclosed it held 35,577 Bitcoin as of June 30, with total fair value of $2.1 billion, and said it is pursuing expansion plans that include AI and high-performance computing workloads at a Texas powered land site and ongoing lease discussions tied to its power buildout.

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