MARA, CleanSpark Revenue Slumps as AI Infrastructure Pivot Accelerates

As cryptocurrency mining grows more difficult and returns remain volatile, leading global Bitcoin miner MARA is expanding into artificial intelligence and high-performance computing. The shift is critical because AI data centers can generate stable, long-term cash flow and cushion revenue against swings in cryptocurrency prices. It also reflects a broader technology trend in which crypto miners are using their vast power infrastructure to move into AI infrastructure.

MARA said in July 2026 that it would spend up to $600 million to acquire land in Texas for a 2 GW dual-purpose AI and Bitcoin data center. The deal is expected to double the company's total power capacity to 4.8 GW. Its shares surged after the announcement, signaling strong market support for its strategy of entering the AI and high-performance computing leasing business to secure steadier cash flow.

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.

Bitcoin miners rely primarily on mining revenue and their cryptocurrency holdings. Under fair-value accounting, quarterly swings in Bitcoin prices can directly amplify earnings and losses. The latest results from MARA Holdings and CleanSpark underscore the cost pressures miners face after the halving. The companies are seeking to reduce their exposure to Bitcoin prices through deleveraging and expansion into AI and high-performance computing infrastructure, respectively.

Results released on May 11 showed that MARA generated $174.6 million in first-quarter 2026 revenue, down 18% year over year, and posted a net loss of $1.3 billion. About $1 billion of the loss came from the revaluation of its Bitcoin holdings. MARA also sold 20,880 BTC for $1.5 billion and repurchased more than $1 billion of debt. CleanSpark reported a net loss of $378.3 million for its fiscal second quarter ended March 31, including a $224.1 million decline in the value of its Bitcoin holdings, as it continued to expand its power and AI/HPC operations.

MARA Holdings built its business around bitcoin mining, leaving earnings highly sensitive to cryptocurrency prices, block rewards and energy costs. With mining economics under pressure, the company has identified data centers, AI and high-performance computing as new growth areas. Its ability to generate stable revenue from the shift has become central to investors’ assessment of its valuation.

Bitcoin fell 25% in the first quarter of 2026, while MARA’s revenue declined 18% from a year earlier and missed market expectations. The company posted a $1.3 billion net loss, sending its shares lower in after-hours trading following the results. MARA subsequently sold about $1.5 billion of bitcoin and redirected the capital toward AI infrastructure, shifting the market’s focus to its capital allocation and the timeline for putting its AI business into operation.

MARA Holdings, traditionally focused on bitcoin mining, controls several power-connected facilities built for energy-intensive computing. As AI drives demand for data center power and computing capacity, miners are repurposing existing power assets for AI infrastructure. Partner Starwood Capital Group manages more than $125 billion in assets and can provide MARA with development, financing and tenant-acquisition capabilities.

On February 26, 2026, MARA said it had signed an agreement with Starwood Capital Group and its Starwood Digital Ventures unit to jointly develop, finance and operate existing US sites. The near-term target is to provide about 1 GW of IT capacity, with the potential to expand to more than 2.5 GW over the long term. Financial terms were not disclosed, and MARA shares rose 17% in after-hours trading following the announcement.