Catenaa, Friday, May 09, 2025-Bitcoin mining firms Marathon Digital Holdings and CleanSpark reported sharp increases in first-quarter revenues but posted deep net losses, as both companies navigated high costs despite Bitcoin topping $100,000. Revenue of MARA rose 30% to $214 million from the prior year, while CleanSpark saw a 63% jump to $182 million. Yet, MARA reported a $533 million loss for the quarter, widening from $337 million last year.
CleanSpark also swung from a $127 million profit in Q1 2024 to a $139 million loss this year.
The earnings statements, released Thursday, come amid a broader rally in crypto markets. Still, the losses illustrate the capital strain and volatility inherent in the mining sector.
“The power industry has woken up to the benefits of bitcoin mining as a flexible load,” MARA CEO Fred Thiel said, stressing capital discipline and energy strategy.
MARA recently disclosed plans to sell up to $2 billion in stock to boost Bitcoin holdings and fund operations.
CleanSpark CEO Zach Bradford reaffirmed the company’s position as the last “pure-play, public bitcoin miner” after rivals cut back growth.
Shares in both companies gained Thursday, lifted by Bitcoin’s surge past $100,000. But analysts warn that growing energy costs, regulatory scrutiny, and intense competition could keep profits elusive.
Both firms continue to pursue long-term scale and efficiency as market dynamics evolve, with strategic financing and operational pivots now key to survival.
