Bitcoin Mining Giants MARA and CleanSpark See Double-Digit Revenue Drops Amid AI Shift
TL;DR:
- MARA Holdings posted Q2 2026 revenue of $174.9 million, representing a 27% year-over-year decline.
- CleanSpark reported $138 million in revenue for its third fiscal quarter ended June 30, marking a 30.5% drop compared to the same period last year.
- Net losses reached $611.3 million for MARA and $239.8 million for CleanSpark, weighed down by fair-value losses on their digital assets.
Quarterly revenues fell by double digits for MARA Holdings and CleanSpark. This decrease occurs in a context marked by higher operational challenges in Bitcoin mining and an ongoing diversification process toward high-performance computing.
The slowdown in financial metrics reflects growing pressure on the operating margins of traditional mining companies. According to the reports filed by both companies, the decline in revenue coincided with significant downward accounting adjustments to the market value of the cryptocurrencies held on their balance sheets.
During the second quarter of 2026, MARA generated $174.9 million compared to $238.5 million the previous year. The company attributed much of this result to a $343 million fair-value loss on its digital assets, bringing the final net loss for the period to $611.3 million. In the same quarter of the previous year, the firm had posted a net income of $808.2 million.
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