Marathon Digital posts $611.3M Q2 loss, pivots to AI

Marathon Digital Holdings, the largest publicly traded Bitcoin miner, reported a net loss of $611.3 million for the second quarter of 2026, a stark reversal from an $808.2 million profit in the same period last year. The company announced the results on August 6, revealing a 27% year-over-year revenue decline to $174.9 million. The loss was driven primarily by a 28% drop in the average Bitcoin price during the quarter and approximately $343 million in unrealized losses on the company's digital asset holdings.

Despite the financial setback, Marathon's operational mining performance improved. Bitcoin production rose 3% year-over-year to 2,422 BTC, the company's highest quarterly output in more than a year. Its energized hashrate, a measure of computing power dedicated to the Bitcoin network, increased 22% to 70.3 exahash per second. However, these gains were more than offset by the weaker cryptocurrency pricing environment.

The company's Bitcoin treasury stood at 35,577 BTC as of June 30, a 29% decrease from a year earlier. This decline largely reflects significant sales earlier in 2026, when Marathon sold 20,880 BTC in the first quarter to fund operations and strategic...