Bitcoin Miner MARA Posts $611M Loss as Revenue Falls 27%

MARA Holdings, the largest publicly traded Bitcoin miner, reported a net loss of over $611 million for the second quarter of 2026, as revenue fell 27%, the company said in a shareholder letter released August 6.

The quarter shows a widening gap between MARA’s growing computing capacity and the falling value of the Bitcoin on its balance sheet, with holdings down nearly a third even as the company mined more units than a year ago.

Bitcoin Price Decline Hits MARA’s Quarterly Results

According to MARA, revenue in Q2 2026 fell 27% year over year to $174.9 million from $238.5 million. The company posted a net loss of $611.3 million, compared with net income of $808.2 million a year earlier, while adjusted EBITDA dropped to a loss of $360.9 million from a positive $1.2 billion.

The company attributed much of the decline to Bitcoin’s lower price. Revenue benefited from higher production, but a 28% year-over-year drop in Bitcoin’s average price reduced revenue by about $65.9 million.

MARA also posted an unrealized loss of $343 million on its digital holdings as BTC fell about 45% from the same period last year, moving from a large mark-to-market gain in 2025 to a large paper loss in Q2 2026.

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