MARA Holdings, a prominent Bitcoin mining company, has reported second-quarter revenue of $238 million, surpassing analyst estimates. This significant surge in revenue highlights the company’s strong performance in the Bitcoin mining sector.
MARA Holdings, the world’s largest bitcoin mining company, announced second-quarter earnings that exceeded Wall Street’s expectations. The company generated $238 million in revenue, a 64% increase year-over-year, and surpassed analysts’ expectations of $223.7 million.
In a press release on Tuesday, the company announced that net income increased to $808 million, reversing a loss of nearly $200 million in the same quarter last year.
The asset experienced a 31% increase in value during the three months concluding June 30, primarily due to an unrealized $1.2 billion gain from Bitcoin appreciation.
MARA Shares Jump 7.5% After Earnings Beat, Up 58% Since April
MARA shares have experienced a 7.5% increase in after-hours trading, reaching $17.82 before concluding at $17.22. The stock closed Tuesday’s session at $16.61, down 3.2%; however, it has increased by 58% since April.
In the second quarter, the company’s Bitcoin production increased marginally to 2,358 BTC, up from 2,286 BTC in the previous quarter. Its energized hashrate increased by 6% to 57.4 EH/s.
MARA’s Bitcoin holdings, which were valued at $5.3 billion, had increased by 170% year over year to 49,951 BTC by the end of June.
The company asserts that it currently holds the second-largest Bitcoin holdings among public corporations, with MicroStrategy’s 607,770 BTC being the only one ahead.
MARA disclosed that its BTC reserves had surpassed 50,000 after the quarter, further fortifying its treasury position. As of the most recent update, its holdings are valued at approximately $5.87 billion.
MARA is currently undertaking a strategic transition by broadening its scope beyond mining. The company has announced partnerships with Google-backed TAE Power Solutions and LG-backed PADO AI to collaborate on developing energy-efficient platforms specifically designed for AI and next-generation data centers.
The company’s CEO, Fred Thiel, stated that the company’s objective is to capitalize on the increasing demand for AI infrastructure and expand to 75 EH/s by the end of 2025.
“Our early AI infrastructure investments, budding international energy partnerships, large BTC treasury, and vertically integrated mining operations each contribute distinct and measurable value,” stated Thiel.
Iran Cracks Down on Crypto Mining Amid Soaring Power Shortages
Iranian authorities have warned about the potential impact of crypto mining on the nation’s power infrastructure, asserting that it is now responsible for up to 20% of the national electricity deficit.
Mining operations, many of which are illegal, are devouring nearly 2,000 MW of electricity, which is equivalent to the power of two nuclear reactors, as demand peaks during the summer heat.
Across numerous provinces, officials have intensified enforcement efforts, seizing more than 250,000 unauthorized mining devices.
The issue’s magnitude was recently exposed by a recent internet disruption, which resulted in the temporary shutdown of 900,000 devices and a temporary reduction of 2,400 MW of consumption.
The government is providing financial rewards for information regarding illegal mining farms concealed in homes and factories to address the crisis.
In the meantime, China remains the source of over half of the world’s Bitcoin mining operations, with 55% to 65% of mining associated with Chinese capital, hardware, or expertise, according to Uminers CEO Batyr Hydyrov.
Key Chinese players have maintained their influence by relocating operations overseas, despite China’s 2021 mining prohibition.