MARA Holdings: Losses and Records of America’s Largest Bitcoin Miner in the New Cycle

MARA Holdings, the largest publicly traded Bitcoin mining company in the U.S., has released its Q1 2025 earnings report. Amidst the effects of the Bitcoin halving and high market volatility, the results proved mixed.
Revenue increased by 30% year-over-year to $214 million, yet the quarter closed with a net loss of $533 million — mainly due to Bitcoin asset revaluation under GAAP accounting standards.

Bitcoin Reserves: MARA’s Strategic Accumulation

Over the past year, MARA Holdings boosted its BTC reserves by 174%, holding 47,531 BTC as of March 2025, up from 17,320 BTC a year prior.
The quarter also marked MARA’s largest-ever open-market purchase — 340 BTC — highlighting the company’s long-term strategy despite cryptocurrency volatility.

The Impact of the Bitcoin Halving on Mining Economics

The 2024 Bitcoin halving, which reduced block rewards by half, reshaped the mining environment. MARA recorded a 19% decline in mined BTC, from 2,824 to 2,286 coins — largely due to increasing competition and lower post-halving profitability.

Key Operating Metrics of MARA Holdings:

• Number of blocks mined: +81% (from 368 to 666)
• Active hash rate: 54.3 EH/s (up from 27.8 EH/s)
• BTC purchases on the market: +340 BTC
• Average electricity cost per BTC: $35,728 at $0.04 per kWh

Core Challenges for Miners in the New Era

As mining becomes more resource-intensive, leading players like MARA face growing headwinds.

Main Risks Facing MARA and the Industry:

1. Bitcoin reserve revaluation and its impact on financial reports
2. Increasing energy costs and infrastructure expansion needs
3. Reduced mining appeal post-halving
4. Market uncertainty and crypto price fluctuations
5. Heightened regulatory scrutiny and transparency expectations

Revaluation Effects: Profitability at Risk

Although MARA continues to strengthen its digital asset portfolio, its financials remain vulnerable to mark-to-market adjustments. Under GAAP, companies must report fair value, which can result in heavy paper losses during volatile market swings.

Outlook: MARA’s Position in the Global Mining Landscape

Q1 2025 signals a new reality for the Bitcoin mining industry. As mining becomes more competitive and capital-intensive, players like MARA must innovate — optimizing energy use, managing costs, and adapting to the post-halving economy.
MARA remains a benchmark player in the global mining ecosystem, reflecting broader trends in crypto infrastructure and institutional adoption.