The Marathon Digital Holdings statistics that matter in 2026 start with a hard turn: MARA Holdings (the current legal name) produced 2,247 Bitcoin in the first quarter of 2026 while selling 20,880 Bitcoin from its balance sheet and posting a net loss of $1.3 billion, or $3.31 per diluted share, on revenue of $174.6 million, an 18% decline from the same quarter of 2025.
Key Takeaways
- MARA Holdings ended Q1 2026 with an energized hashrate of 72.2 EH/s, up 33% from 54.3 EH/s year over year.
- Fleet efficiency reached 17.6 J/TH in Q1 2026, the sharpest reading MARA has published to date.
- Bitcoin production totaled 2,247 BTC in Q1 2026, averaging 25.0 BTC per day, with 653 blocks won.
- Purchased energy cost per bitcoin climbed to $40,047, up from $35,728 a year earlier as halving mechanics outpaced hardware gains.
- MARA sold 20,880 bitcoin in Q1 2026 and held 35,303 bitcoin valued at approximately $2.4 billion on March 31, 2026.
- The 2025 10-K reported 8,799 bitcoin mined during the year across a fleet of roughly 490,000 mining rigs.
- MARA now ranks fourth among public companies by bitcoin holdings at 36,303 BTC as of June 16, 2026, trailing Strategy, Twenty One Capital, and Metaplanet.
Editor’s Choice
- Q1 2026 revenue: $174.6 million, down 18% from $213.9 million in Q1 2025.
- Q1 2026 restructuring charge: $45.9 million, including a 15% workforce reduction targeting $12 million in annualized savings.
- Cash and bitcoin combined: $2.9 billion as of March 31, 2026.
- FY 2025 bitcoin holdings: 53,822 BTC valued at approximately $4.7 billion at a spot price of $87,498.
- Q3 2025 net profit: $123 million on $252 million of revenue, up 92% year over year.
- Reported operational power capacity: 1.1 GW operational and 1.738 GW nameplate across owned and hosted sites.
Hashrate and Fleet Scale
Marathon Digital Holdings statistics for the hashrate line lead with a fresh high-water mark.
- Energized capacity reached 72.2 EH/s at Q1 2026 quarter-end, up 33% from 54.3 EH/s at the same point a year earlier.
- Full-year 2025 hashrate grew 64% year over year to reach 66.4 EH/s at year-end.
- The company describes energized hashrate as the theoretical maximum if every operational rig runs at 100% of manufacturer specifications.
- As of December 31, 2025, MARA ran roughly 490,000 mining rigs across owned and hosted crypto-mining sites.
The scale is real; whether MARA also holds the leaderboard depends on which hash rate definition each peer publishes.
Fleet Efficiency Trend in Joules per Terahash
Fleet efficiency in joules per terahash, or J/TH, is the operating metric that determines how much power each unit of hashrate consumes. Lower is better.
- Q2 2025 fleet efficiency averaged 18.3 J/TH, a 26% year-over-year improvement driven by S21 Pro miners.
- Q3 2025 reading was 18.6 J/TH, with roughly 32% of hashrate operating below 20 J/TH.
- Q1 2026 fleet efficiency improved to 17.6 J/TH.
- Cost per petahash improved roughly 35% over the trailing 10 quarters.
By the numbers: Marathon Digital Holdings fleet efficiency has fallen from 18.3 J/TH in Q2 2025 to 17.6 J/TH in Q1 2026, roughly a 4% step, while purchased energy cost per bitcoin rose 12% over the same window.
The efficiency gain masks a harder truth on unit economics. Purchased energy cost per bitcoin was $40,047 in Q1 2026, up from $35,728 in Q1 2025; the post-halving block subsidy plus network difficulty growth outran the J/TH improvement dollar for dollar.
Recent Developments
- March 3, 2026: MARA authorized sales of bitcoin from its balance sheet in 2026, extending beyond newly-mined coins, with proceeds directed toward operating expenses and AI and HPC infrastructure.
- May 11, 2026: MARA reported Q1 2026 revenue of $174.6 million and a $1.3 billion net loss alongside a 15% workforce reduction.
- May 12, 2026: MARA Holdings disclosed the sale of approximately $1.5 billion worth of bitcoin during May 2026 as it shifts toward AI infrastructure.
- April 30, 2026: MARA disclosed the Long Ridge Energy acquisition as part of its energy-first strategy.
- January 13, 2026: VanEck’s Matt Sigel noted Bitdeer’s managed hashrate of 71 EH/s was above MARA’s 61.7 EH/s managed number as of end-December 2025.
- November 4, 2025: MARA posted a $123 million net profit on $252 million of revenue for Q3 2025 and disclosed the MPLX partnership for up to 1.5 GW of gas-fired power in West Texas.
Bitcoin Production Trajectory
Production tells a steadier story than revenue. Quarterly output has grown as new capacity comes online, though the halving still bites into what each terahash returns.
- Q1 2026 output was 2,247 BTC, averaging 25.0 BTC per day across 653 blocks won.
- Q3 2025 output was 2,144 BTC alongside the record profit quarter.
- Full-year 2025 output was 8,799 BTC, a 7% decline versus 2024 despite the 64% hashrate growth over the same period.
The gap between hashrate growth of 64% in 2025 and a small production decline captures how sharply the April 2024 halving reset unit economics for every Bitcoin miner. MARA absorbed the block-subsidy cut with more machines rather than more efficient dollars per coin, the choice most public miners made in 2025.
| Period | Bitcoin produced | Blocks won |
|---|---|---|
| Q3 2025 | 2,144 | Not disclosed |
| Full-year 2025 | 8,799 | Not disclosed |
| Q1 2026 | 2,247 | 653 |
Source: MARA Holdings 8-K, 10-Q, and 10-K filings 2025-2026.
Bitcoin Treasury and 2026 Sell-Down
Every large US-listed Bitcoin miner other than MARA broadly held the HODL line through 2026, and MARA broke from that line hard.
- MARA sold 20,880 bitcoin during Q1 2026.
- MARA held 35,303 bitcoin on the balance sheet at March 31, 2026, valued at approximately $2.4 billion.
- Roughly 34% of the year-end 2025 treasury of 53,822 BTC was eliminated in three months.
- Bitcoin Treasuries reported 36,303 BTC held on June 16, 2026, worth about $2.3 billion.
- MARA now sits fourth among public companies by bitcoin holdings, behind Strategy at 847,363 BTC, Twenty One Capital at 43,514 BTC, and Metaplanet at 43,000 BTC.
The sales are not simply defensive. MARA has publicly stated proceeds will fund operating expenses, artificial intelligence infrastructure growth, and high-performance computing infrastructure development. That is the operational mechanism behind the pivot; the AI thesis is not just a slide-deck framing.
Financial Snapshot
Headline Q1 2026 figures reset the going-concern framing.
- Q1 2026 revenue was $174.6 million, down 18% from $213.9 million in Q1 2025.
- Net loss reached $1.3 billion ($3.31 per diluted share) vs a $533.4 million loss in Q1 2025.
- The $45.9 million restructuring charge included a 15% workforce reduction targeting roughly $12 million in annualized savings.
- The company retired approximately 30% of its convertible debt at a 9% discount to par during Q1 2026.
| Line item | Q1 2026 | Q1 2025 | Direction |
|---|---|---|---|
| Revenue | $174.6 million | $213.9 million | Down 18% |
| Net loss | ($1.3 billion) | ($533.4 million) | Wider loss |
| Diluted EPS | ($3.31) | Not disclosed | Sharp decline |
| Purchased energy | $44.7 million | $43.5 million | Up |
| Operating and maintenance | $30.6 million | $19.8 million | Up 55% |
| Third-party hosting and other energy | $70.0 million | $68.2 million | Up |
| General and administrative | $57.7 million | $36.9 million | Up 56% |
| Restructuring charge | $45.9 million | Not applicable | New |
| Purchased energy cost per BTC | $40,047 | $35,728 | Up 12% |
| Cash and bitcoin combined balance | $2.9 billion | Not disclosed | Reference |
Source: MARA Holdings Q1 2026 8-K, filed May 11, 2026.
Power and Energy Footprint
The pivot to an energy-first identity rests on measurable power infrastructure.
- Total power capacity was reported at 1.9 gigawatts.
- 1.1 GW operational and 1.738 GW nameplate span owned and hosted sites.
- Roughly 68% of total power came from owned or contracted renewable energy sources.
- Fleet-wide power cost averaged $0.04 per kWh from those owned and contracted sources.
- The West Texas partnership signals more capacity is coming.
- The MPLX partnership targets up to 1.5 GW of gas-fired power generation and data-center capacity in West Texas, with MPLX supplying natural gas from Delaware Basin operations while MARA constructs and operates the facilities.
- Owned-site share matters here too: Roughly 70% of MARA’s compute now runs on sites the company owns and operates, up materially from prior years.
MARA vs Public Bitcoin Miner Peers
The public-miner leaderboard shifted in early 2026 on a metric-definition footnote.
- Bitdeer reported managed hashrate of 71 EH/s as of end-December 2025, up 229% year over year.
- MARA reported 61.7 EH/s on the same managed-hashrate measure over the same window.
- Bitdeer’s self-mining slice alone was 55.2 EH/s.
- MARA reported Q1 2026 energized hashrate of 72.2 EH/s on the metric the company publishes.
| Company | Managed hashrate (EH/s) | BTC treasury | Notable |
|---|---|---|---|
| Strategy (MSTR) | Not a miner | 847,363 | Largest corporate BTC holder |
| Bitdeer (BTDR) | 71 (Dec 2025) | Not disclosed | Overtook MARA on managed metric |
| MARA Holdings | 61.7 managed / 72.2 energized (Q1 2026) | 36,303 (Jun 2026) | Largest energized capacity |
| Twenty One Capital | Not disclosed | 43,514 | Number 2 corporate holder |
| Metaplanet | Not disclosed | 43,000 | Number 3 corporate holder |
Source: MARA 8-K and 10-K filings, Bitdeer Technologies Group production data, and Bitcoin Treasuries public-company tracker, 2026.
Metric definitions matter for crypto exchange market data and for miner rankings alike. “Largest public bitcoin miner” is now a footnote question, not a headline one.
AI and HPC Infrastructure Pivot
The pivot narrative has three concrete anchors: a policy authorization, an acquisition, and a partnership.
- The 2026 sales authorization removed the restriction that MARA sell only newly-mined bitcoin.
- The Long Ridge Energy acquisition, disclosed April 30, 2026, extended MARA Holdings’ power and generation footprint.
- The MPLX partnership, disclosed November 4, 2025, put a 1.5 GW gas-and-data-center project in West Texas on the roadmap.
- The approximately $1.5 billion May 2026 bitcoin sale disclosed by MARA Holdings was paired with the company’s redirection of proceeds toward AI and HPC infrastructure development.
- Interest income from bitcoin lending reached roughly $32 million in 2025.
Why it matters: MARA Holdings has already turned its treasury into structured returns, roughly $32 million in bitcoin-lending interest income during 2025, alongside a fresh $1.5 billion May 2026 sale earmarked for AI and HPC infrastructure, well before that data-center revenue stream matures.
Mining Rig Fleet Composition
Rig-level details support the fleet-efficiency numbers.
- MARA rolled out its proprietary MARAFW firmware and control board across a fleet of more than 200,000 Bitcoin mining rigs.
- The total fleet stood at roughly 490,000 mining rigs at year-end 2025.
- The sub-20 J/TH cohort represented roughly 32% of MARA’s hashrate as of Q3 2025.
Bitcoin Loans and Asset Management
Not every bitcoin on the balance sheet is idle.
- Late-2025 disclosures placed 15,315 BTC in asset-management strategies and 9,377 BTC loaned to third parties.
- MARA’s interest income from bitcoin lending reached roughly $32 million during 2025.
- The balance sheet “held bitcoin” line includes coins deployed against yield strategies, not just cold storage.
Is Marathon Digital still called Marathon Digital?
The company is now MARA Holdings, Inc., trading under ticker MARA on Nasdaq. The 2025 annual filing runs under the MARA name, and press releases now cite MARA rather than Marathon Digital. The rebrand reflects the company’s positioning as an energy and digital infrastructure operator rather than a pure-play miner.
Who is the largest public Bitcoin miner?
The answer depends on the metric. MARA reported an energized hashrate of 72.2 EH/s (Q1 2026), which counts the theoretical capacity of all operational rigs at manufacturer spec. Bitdeer reported managed hashrate of 71 EH/s (December 2025), which sums self-mining plus hosted machines. Bitdeer’s self-mining slice alone is 55.2 EH/s, below MARA’s energized number but reported on a metric that draws less on theoretical maximum assumptions. Investors and analysts should read miner disclosures alongside the specific hashrate definition each firm uses.
Conclusion
MARA closed Q1 2026 with an energized hashrate of 72.2 EH/s, fleet efficiency of 17.6 J/TH, 35,303 bitcoin on the balance sheet after selling 20,880 coins, and a $1.3 billion net loss on $174.6 million of revenue. Every figure above traces to SEC crypto oversight filings.
The forward test is whether the 1.9 GW power stack and the 1.5 GW MPLX West Texas project convert power capacity into diversified revenue fast enough to offset the compression of pure-play mining economics.
