Core Insights - Mara reported a significant turnaround in profitability for Q2 2025, with GAAP earnings per share of $1.84, exceeding analyst expectations of a ($0.07) loss, and revenue of $238.5 million, a 64% increase from the previous year [1][2] Financial Performance - EPS (GAAP) for Q2 2025 was $1.84, compared to a loss of ($0.72) in Q2 2024 [2] - Revenue (GAAP) reached $238.5 million, up from $145.1 million in Q2 2024, marking a 64.3% year-over-year increase [2] - Net income (GAAP) was $808.2 million, a significant improvement from a loss of ($199.7 million) in the prior year [2] - Adjusted EBITDA was reported at $1.25 billion, reflecting a strong operational performance [2] - The company mined 2,358 bitcoins, a 14.6% increase from 2,058 bitcoins in Q2 2024 [2] Operational Highlights - The energized hashrate increased by 82% to 57.4 exahash per second in Q2 2025, with daily bitcoin production rising to 25.9 BTC [6] - Cost per bitcoin for purchased energy decreased by 5.6% from Q1 2025, reaching $33,735 [7] - The company’s electricity rate of $0.04 per kilowatt hour is among the lowest in the industry [7] Strategic Focus - Mara's strategy includes managing bitcoin price volatility, reducing energy costs, advancing mining technology, and expanding into AI infrastructure services [4] - The company is investing in research and development, with spending more than doubling to $8.5 million [8] - Partnerships with tech firms aim to create hybrid facilities that combine AI and mining capabilities [9] Future Outlook - Mara aims to achieve a hashrate of 75 exahash per second by the end of 2025, focusing on international expansion and technology investments [11] - The company plans to retain nearly all mined bitcoin to benefit from potential price appreciation and related income streams [11] - Cash plus bitcoin holdings totaled $5.4 billion as of Q2 2025, with bitcoin holdings increasing by over 170% from approximately 18,500 BTC in Q2 2024 to 49,951 BTC [10]

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved record revenues of $238.5 million, a 64% increase from $145.1 million in Q2 2024, driven by a 50% increase in the average Bitcoin price contributing $77 million [16][19] - Net income reached $808.2 million or $1.84 per diluted share, compared to a net loss of $199.7 million or $0.72 per diluted share in the same quarter last year [19] - The market value of Bitcoin holdings increased by over $4.2 billion or 362% year over year [16] Business Line Data and Key Metrics Changes - The energized hash rate expanded by 82%, increasing from 31.5 exahash per second to 57.4 exahash per second [15] - The company produced an average of 25.9 BTC per day in Q2 2025, compared to 22.9 BTC per day in Q2 2024, resulting in 300 more BTC earned [17] - There was a 52% increase in the number of blocks won in the quarter compared to the second quarter of last year [18] Market Data and Key Metrics Changes - The company surpassed 50,000 Bitcoin holdings, solidifying its position as the second largest Bitcoin holder globally [5] - The current price of Bitcoin is viewed as "frothy," with persistent demand balanced by ample supply from long-term holders taking profits [7] Company Strategy and Development Direction - The company is focusing on low-cost energy strategies and has completed construction of a new data center at a wind-powered site in Texas [5] - Strategic partnerships have been announced with TAE Power Solutions and Pato AI to develop grid-responsive load balancing platforms for AI infrastructure [4] - The company is exploring international opportunities, including establishing a regional headquarters in Saudi Arabia and a European headquarters in France [10][12] Management's Comments on Operating Environment and Future Outlook - Management believes the convergence of AI and Bitcoin mining presents a unique opportunity for growth, particularly in sovereign data and energy-efficient computing [9][32] - The company is positioned to benefit regardless of Bitcoin price fluctuations, focusing on digital energy and efficient energy systems [9] - Concerns were raised about the frothiness in the market for Bitcoin treasury companies, with potential risks if Bitcoin prices decline [56][60] Other Important Information - The company issued $950 million of 0% convertible senior notes due 2032 to bolster its balance sheet and provide strategic flexibility [23] - The company aims to reach a target of 75 exahash by the end of the year, with most miners secured and funded [25][81] Q&A Session Summary Question: Can you talk a little bit more about MARA's cost to mine per Bitcoin? - The company's electricity cost per Bitcoin is among the lowest in the sector, hovering around $50,000 per coin, which is over 50% cheaper than buying in the open market [86] Question: How will the signing of the Genius Act affect MARA's path to Bitcoin mining? - The Genius Act is expected to increase liquidity in the market, allowing for greater capital allocation to Bitcoin, which is seen as beneficial for the company [88][90]

Bitcoin miner MARA's adjusted EBITDA jumps over 1,000% in record quarter https://t.co/lRD3Mx7k7v ...

Q2 2025 UPDATE NASDAQ:MARA • MARA.COM • JULY 29, 2025 Disclaimer Investor Notice Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange Commission (the "SEC"). If any of these risks were to occur, our busines ...

Key Takeaways The cryptocurrency market has been witnessing a strong rally this month. Bitcoin (BTC), the largest cryptocurrency globally, touched the all-time high of 123,091.61 on July 14. Thereafter, it hovers around 118,000. Ethereum (ETH) rebounded sharply and is up more than 57% in the past month. Positive developments on the global tariff and trade front and the evaporation of a near-term recession fear in the U.S. economy boosted cryptocurrencies. Meanwhile, this space gathers momentum predominantly ...

🇺🇸JUST IN: China’s Bitcoin mining giant Bitmain plans to open its first US factory in Texas or Florida by the end of Q3 2025. https://t.co/JW7mAZBXIt ...

Bitmain, the world's largest Bitcoin mining machine and chip manufacturer, plans to open its first US factory in the coming months, potentially in Texas or Florida. The company plans to initially hire 250 local employees. https://t.co/9HY8uVNFLZ ...

Bitcoin miner Cango generates 147 BTC in a week, joins 50 EH/s club with holdings above 4,380 BTC https://t.co/ISb0g7Sdbd ...

Core Insights - Bit Mining Limited (NYSE: BTCM) has gained investor attention due to its adoption of a corporate Bitcoin treasury strategy since December [1] - The company is relatively lesser-covered in the Bitcoin mining industry but is becoming more prominent [1] Company Overview - Bit Mining Limited is involved in Bitcoin mining and has recently implemented a corporate strategy focused on holding Bitcoin as part of its treasury [1] - The company has been recognized for its potential in the cryptocurrency market, particularly with the growing interest in Bitcoin [1] Industry Context - The Bitcoin mining industry is experiencing increased investor interest, particularly for companies adopting innovative strategies like corporate treasury management [1] - The trend towards holding Bitcoin as a treasury asset is becoming more common among cryptocurrency companies, indicating a shift in how these firms manage their assets [1]

Core Insights - HIVE Digital Technologies has surpassed 13 EH/s in Bitcoin mining hashrate, achieving over 6.5 Bitcoin mined daily, driven by the deployment of next-generation hydro-cooled mining facilities in Paraguay [2][3] - The company has reached an annualized run-rate revenue (ARR) of $300 million from Bitcoin mining and HPC operations, with profit margins around 55% [9][10] Expansion and Growth - The buildout of Phase 2 at the Yguazú campus is progressing, with over 2 EH/s of new Bitmain S21+ Hydro ASIC miners operational, aiming for a total of approximately 6.5 EH/s upon full deployment [3][5] - HIVE anticipates reaching a global hashpower of 18 EH/s by the end of August 2025, with a fully-funded roadmap to expand to 25 EH/s by U.S. Thanksgiving [11] Efficiency and Cost Management - The efficiency of the new Bitmain S21+ Hydro miners is 15 J/TH, which is expected to improve the global average ASIC fleet efficiency from 20 J/TH to 18.5 J/TH upon completion of Phase 2 [7][10] - A 10% improvement in ASIC efficiency correlates to a 10% reduction in Bitcoin production costs, enhancing profitability [8] Future Projections - HIVE projects an ARR of approximately $400 million at 18 EH/s and $550 million at 25 EH/s, with mining margins expected to approach 60% after accounting for electrical costs [11]