Mining companies' revenue slump: MARA (MARA.US) and CleanSpark (CLSK.US) transformation pains

According to Woofun AI, the Bitcoin mining industry is undergoing profound structural reshaping, and the financial performance of two leading companies, MARA Holdings (MARA.US) and CleanSpark (CLSK.US), revealed the pain of the transformation of traditional mining models under the wave of artificial intelligence (AI).

Although both companies are making every effort to diversify their high-performance computing (HPC) business, the double-digit decline in quarterly revenue and the shrinking cryptocurrency market value on the balance sheet together form the core fact that profit margins are currently under pressure.

MARA Holdings' (MARA.US) financial data for the second quarter of 2026 showed significant volatility characteristics. Revenue for the quarter was recorded at $174.9 million, a significant decline from $238.5 million in the same period last year. Deeper profit erosion stemmed from sharp fluctuations at the digital asset level. The company confirmed a fair value loss of up to $343 million. This huge impairment directly caused the net loss for the quarter to expand to US$6113 million, while net revenue for the same period last year reached US$808.2 million, which was a huge gap between profit and loss. In terms of operating fundamentals, MARA Holdings (MARA.US) mined a total of 2,422 bitcoins during the quarter, and the average selling price of each was fixed at $73,078.

Notably, its computing power scale achieved a 22% year-on-year increase to 70.3 EH/s, but efficiency costs were not simultaneously optimized; instead, the daily operating cost per petahash rose 4% to $27.7. On the asset reserve side, MARA Holdings (MARA.US) holds a total of 35,577 bitcoins. Although it is 29% lower than before, it is still the fourth largest corporate Bitcoin holder in the world based on a current valuation of about 2.1 billion US dollars.

Data compiled by Woofun AI shows that this highly volatile asset structure puts mining companies' resilience to risk in traditional mining operations to a severe test. In particular, when increased computing power fails to fully hedge against rising operating costs, the sensitivity of profit statements to currency price fluctuations is further amplified.

CleanSpark (CLSK.US) also faced revenue contraction in the third fiscal quarter ending June 30. Its revenue was US$138 million, down from US$198.6 million in the same period of the previous fiscal year. Financial statements revealed that the company's Bitcoin holdings experienced a fair value loss of US$116.3 million, which in turn led to an overall net loss of US$239.8 million.

Despite having 13,924 Bitcoin reserves and the 11th largest global ranking, CleanSpark (CLSK.US)'s strategic focus has clearly shifted to long-term value mining for physical infrastructure. The company has more than 1.8 gigawatts of contracted power, land and data center resources. As of June 30, its consolidated balance sheet showed cash reserves of US$202.6 million, total assets of US$2.7 billion, and sufficient working capital, reaching US$761 million. Management emphasized that turning power grid assets into stable income leased by investment-grade companies through a 20-year lease agreement worth $6.6 billion, such as Sandersville, is a key step in smoothing the volatility of the digital asset market.

At the same time, MARA Holdings (MARA.US) is also speeding up infrastructure layout, working to complete the acquisition of the Long Ridge facility to expand the performance computing capabilities of the Hannibal campus, and acquire land in Matagoda County, Texas, adding 2 gigawatts of capacity, making the total capacity expected to reach 4.8 gigawatts. By introducing technology initiatives such as Exaion, MARA (MARA.US) aims to penetrate multiple links in the digital infrastructure value chain to offset the cyclical risks of a single mining business with diversified revenue sources.

The capital market remains cautious about the progress of the two companies' transformation. After the financial report was released, MARA Holdings (MARA.US) shares fell more than 5% to close at $10.67; CleanSpark (CLSK.US) shares also fell more than 6% to close at $12.69. The downward pressure on stock prices reflects investors' trade-off between worsening short-term profits and uncertainty about long-term transformation. For MARA Holdings (MARA.US), the key variables for subsequent development are breakthroughs at the regulatory level, particularly the US Federal Energy Management Commission's decision on whether to grant final authorization to its Long Ridge facility acquisition application. This point will directly determine the speed of implementation of its high-performance computing capacity expansion.