Bitcoin mining firms MARA Holdings and CleanSpark saw heavy losses in after-hours trading after both firms reported weaker-than-expected quarterly results. This came as the BTC price fell continuously during the quarter.
The latest earnings indicate the increasing struggles of crypto miners, as Bitcoin volatility continues to impact mining profitability, treasury valuations, and investor sentiment in the crypto space.
According to Google Finance data, MARA's after-hours price fell 3.44% to $13.39, while CleanSpark's price fell over 9% after the markets closed.
MARA Holdings reported a $1.3 billion net loss or $3.31 per diluted share, compared to a loss of $533.4 million, or $1.78 per diluted share, last year. The company said a significant portion of the loss came from fair-value adjustments tied to its Bitcoin holdings.
The quarterly revenue declined 18% from a year earlier to $174.6 million, missing analyst estimates of $181.86 million.
The company produced 2,247 Bitcoin at average production costs of $76,288 per BTC, and sold 20,880 Bitcoin at an average price of $70,137 per BTC during the quarter. MARA held 35,303 BTC worth approximately $2.4 billion at the end of the quarter.
“The next phase of digital infrastructure value creation will be shaped by control of power: where it is located, when it is available, and how it can be best monetized,” said Chairman and CEO Fred Thiel.
The firm also announced its infrastructure initiatives, such as its majority stake in Exaion and definitive agreement to acquire Long Ridge Energy & Power.
CleanSpark also shared disappointing quarterly results with a net loss of $378.3 million in its second quarter as reported in fiscal 2026 ending March 31, 2026. A 173% increase over the year before, when it posted a $138.8 million loss.
The company noted that approximately $224 million of the losses were tied to the loss of the fair value of its Bitcoin holdings in the quarter.
Revenue fell 24.9% from the previous year to $136.4 million, compared to expectations of $152.32 million by analysts. Adjusted EBITDA fell sharply to negative $241.2 million.
Despite the weaker performance, CleanSpark's Bitcoin holdings grew 14%, and its average monthly hashrate rose 18% compared with the previous year. At the quarter's end, the company had about $925.2 million invested in Bitcoin.
The latest results continue a difficult earnings season for crypto mining firms. Other large Bitcoin mining firms such as Hut 8, Riot Platforms, Cipher Digital, and Core Scientific have all suffered losses amid falling prices and increasing costs.
The crypto sector faces a range of challenges, which include a decline in crypto prices and accounting adjustments to fair value remains key risks for the sector in 2026.
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