Mara Holdings Stock Drops 8.6% Amidst Declining Bitcoin Production

Mara Holdings' shares fell 8.6% as the company reported a 15% drop in Bitcoin production due to increased competition and growing global hashrate. The mining difficulty rose by 8%, squeezing margins and driving down profits. Investing directly in Bitcoin is considered a safer option given the uncertainty in the market.

Mara Holdings, Inc. (NASDAQ: MARA) reported mixed results for its Bitcoin (BTC) production in Q2 2025, with a 15% month-over-month decrease in blocks won and a corresponding drop in BTC produced. The company's shares fell 8.6% on the news, reflecting investor concerns over the company's performance.

The decrease in Bitcoin production was attributed to a 15% month-over-month decline in blocks won, coupled with a 8% increase in mining difficulty. This resulted in a 5.5% growth in the company's energized hashrate, from 54.3 EH/s to 57.3 EH/s, despite the challenging conditions. The company's operational capacity also expanded, with a 50-megawatt (MW) data center in Ohio bringing total operational capacity to 100 MW.

Mara Holdings' BTC holdings increased to 48,237 BTC as of April 30, 2025, but the company opted not to sell any BTC last month. The company's gas-to-power operations in North Dakota and Texas, which provide the lowest cost per BTC mined, were fully energized in April, further contributing to the company's cost-efficiency.

Despite the challenges, Mara Holdings remains focused on transforming into a vertically integrated digital energy and infrastructure company, leveraging high-intensity compute to monetize excess energy and optimize power management.

Investors should be cautious, as investing in MARA's securities involves a high degree of risk. Before making an investment decision, investors should carefully consider the risks, uncertainties, and forward-looking statements described in the company's most recent annual report on Form 10-K and any other periodic reports filed with the U.S. Securities and Exchange Commission (SEC).

References:
[1] https://ir.mara.com/news-events/press-releases/detail/1394/mara-announces-bitcoin-production-and-mining-operation-updates-for-april-2025
[2] https://cryptoslate.com/bitcoin-and-ethereum-lead-2-billion-in-crypto-investment-inflows-amid-market-shift/