Financial & Operational Highlights - Energized Hashrate increased by 95% year-over-year to 543 EH/S[9] - Bitcoin production decreased by 19% year-over-year to 2,286 BTC, primarily due to the halving in April 2024[9] - Blocks won increased by 81% year-over-year to 666[9] - Revenue increased by 30% year-over-year to $214 million[9] - Net loss was $(533) million, a decrease from a net income of $337 million[9] - Adjusted EBITDA decreased by 189% year-over-year to $(484) million[9] - Cash and BTC holdings were approximately $41 billion at the end of Q1 2025[9] - BTC holdings increased by 174% to 47,531 from 17,320 at the end of Q1 2024[9] Hashrate and Blocks - Q1 2025 saw 666 blocks won, a 5% decrease compared to Q4 2024's 703 blocks[14] - BTC produced in Q1 2025 was 2,286, an 8% decrease from Q4 2024's 2,492[14] - Energized hashrate increased by 2% from 532 EH/s in Q4 2024 to 543 EH/s in Q1 2025[14] Power Infrastructure - MARA acquired seven sites across the US in 2024, with an average price paid of approximately $400K/MW, paying 28% less than competitors for similar acquisitions[35, 37]