The largest American mining company, MARA Holdings, ended the second quarter of 2026 with a net loss of $611.3 million, which is a sharp contrast to the profit of $ 808.2 million for the same period last year. The management cited a significant decrease in the price of the first cryptocurrency as the main reason for the negative financial result. The average bitcoin exchange rate was 28% lower than last year's values, which caused the company's revenue to fall by 27%, amounting to $ 174.9 million. In addition, the paper revaluation of digital assets on the balance sheet resulted in about $343 million in losses. Adjusted EBITDA also fell into negative territory, reaching minus 360.9 million dollars against a record profit of 1.2 billion a year earlier.

Despite financial difficulties, MARA's operating performance is showing solid growth. In the second quarter, the company increased production to 2,422 bitcoins, which is 3% higher than a year ago and is the best result in the last year and a half. The computing power used increased by 22%, reaching 70.3 EH/s, and the cost of production decreased to $ 27.7 per petahesh per day. During the quarter, MARA sold 2,213 BTC at an average price of $73,078, bringing the stock of coins on its balance sheet to 35,577 BTC, equivalent to about $2.1 billion. At the same time, the company is actively reorienting its energy assets towards high-performance computing for artificial intelligence. MARA is completing the acquisition of the Long Ridge energy complex in Ohio for $1.5 billion, which will be able to provide up to 600 MW of capacity for AI loads. A Texas site with a potential of up to 2 GW by 2028 has also been added to the portfolio.

A similar trend was demonstrated by CleanSpark, which generated revenue of $138 million compared to $198.6 million a year earlier. The company's net loss was $239.8 million, and adjusted EBITDA dropped to minus 113 million. The loss from the revaluation of bitcoin for the quarter is estimated at 116.3 million dollars. However, CleanSpark controls more than 1.8GW of energy capacity and recently signed a twenty-year lease agreement for a $6.6 billion facility in Sandersville with a high investment rating tenant. Amid the publication of quarterly reports and pressure on the profitability of traditional mining, MARA shares fell by 5.2%, while CleanSpark securities declined by more than 6%, reflecting the industry's strategic transition from pure cryptocurrency mining to hybrid models involving AI infrastructure.