Bitcoin Miners MARA and RIOT Struggle Amid Rising Energy Costs and AI Pivot Pressure

MARA Holdings and Riot Platforms shares are down 6% and 5%, respectively, due to rising energy costs and skepticism about their AI pivot narrative. MARA Holdings' purchased energy cost per bitcoin increased to $39,235 from $32,433, while Riot Platforms posted record annual revenue but adjusted EBITDA collapsed to $12.96M. Geopolitical tensions are driving energy costs higher, squeezing energy-intensive miners, while both companies race to prove their AI pivot can generate revenue faster than rising costs and Bitcoin volatility.