Bitcoin Miners MARA and CleanSpark Post Heavy Losses as Crypto Prices Fall

Nasdaq-listed CleanSpark is a major Bitcoin miner whose results are closely tied to cryptocurrency prices, mining difficulty and power costs. Like several peers seeking steadier revenue beyond digital-asset mining, the company has also been expanding into artificial intelligence and high-performance computing infrastructure, making its quarterly performance an important gauge of both its core mining operation and diversification strategy.

CleanSpark reported revenue of $138 million for its fiscal third quarter of 2026, down 30.5% from a year earlier and slightly below Wall Street’s estimate of $142.2 million. The revenue miss weighed on investor sentiment, sending the shares down 5.5% in Thursday trading as the market assessed the miner’s near-term growth outlook and progress in building its AI and high-performance computing business.

Bitcoin miners remain exposed to swings in token prices, network difficulty and power costs, making earnings volatile even when production rises. MARA Holdings and CleanSpark are seeking to reduce that dependence by redeploying access to power, land and data-center capacity toward AI and high-performance computing. The strategy matters because long-term infrastructure contracts could provide steadier cash flows than mining, but require large capital commitments and proof that crypto-era sites can meet hyperscaler standards.

On Aug. 6, both companies reported results for the quarter ended June 30, 2026. MARA’s revenue fell about 27% to $174.9 million, even as bitcoin production rose 3% to 2,422 coins; it swung from an $808.2 million profit a year earlier to a $611.3 million net loss as Bitcoin’s decline drove fair-value losses. CleanSpark’s revenue fell 30.5% to $138.0 million and it posted a $239.8 million net loss while advancing a 20-year, $6.6 billion triple-net lease at its Sandersville AI campus.

MARA Holdings is a major U.S. Bitcoin miner whose operations are highly sensitive to cryptocurrency prices, mining difficulty and energy costs. Bitcoin’s decline in the fourth quarter of 2025 sharply reduced the value of the company’s digital assets. With mining returns under pressure, a move into artificial intelligence and high-performance computing, or HPC, has become an important part of its risk-diversification strategy.

MARA Holdings recorded a net loss of $1.71 billion in the fourth quarter of 2025, mainly due to valuation losses caused by Bitcoin’s price decline. The company has also recently sold about $1.5 billion of its Bitcoin holdings and announced plans to expand investment in AI and HPC infrastructure. It plans to use its existing data centers, power resources and computing capacity to drive the transition.