Here’s a jaw-dropping fact: MARA Holdings Inc. just flipped a $125 million loss into a staggering $123 million profit in just one year. But here's where it gets controversial—how did they do it? By strategically pairing their bitcoin mining operations with new power and AI assets, a move that’s sparking debates about the future of digital infrastructure. Let’s dive in.
On Tuesday, Nasdaq-listed MARA (ticker: MARA) unveiled its third-quarter earnings, revealing a 92% revenue surge to $252 million, fueled by soaring bitcoin prices and razor-sharp operational efficiency. This dramatic turnaround wasn’t just luck—it was driven by a 64% increase in hashrate and savvy cost management, particularly in power expenses. And this is the part most people miss—MARA’s focus on owning its energy infrastructure is quietly reshaping the industry.
During the quarter, MARA mined 2,144 bitcoins, bringing its total holdings to 53,250 BTC, valued at nearly $5.6 billion. This cements its position as the second-largest publicly known bitcoin treasury, trailing only Strategy and outpacing Jack Mallers’ XXI. Adjusted EBITDA soared to nearly $400 million, a testament to the company’s cost-cutting strategies and long-term vision.
Despite these impressive numbers, MARA’s shares traded around $17.80 on Tuesday, down 13% over the past month and only 3% higher year-to-date. Is the market undervaluing MARA’s potential? It’s a question worth exploring, especially as the company doubles down on its digital infrastructure ambitions.
In a bold move, MARA partnered with MPLX LP, a Marathon Petroleum affiliate, to build up to 1.5 gigawatts of gas-fired power generation and data-center capacity in West Texas. MPLX will supply natural gas, while MARA handles construction and operations. This initiative isn’t just about bitcoin mining—it’s about positioning MARA as a powerhouse for emerging AI-computing workloads. But here’s the controversial angle: As miners like IREN strike multibillion-dollar AI cloud deals (think IREN’s $9.7 billion partnership with Microsoft), is the industry overcommitting to AI, or is this the next logical step?
MARA ended the quarter with $6.8 billion in cash and bitcoin, reaffirming its goal to reach 75 EH/s in hashrate by year-end—a 25% jump from current levels. But here’s the burning question: Can MARA sustain this momentum, or is it riding a temporary wave of bitcoin and AI hype? Let us know your thoughts in the comments.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. As of November 2023, The Block operates independently, with Foresight Ventures as a majority investor. Foresight Ventures also invests in other crypto companies, including Bitget, an anchor LP. For full financial disclosures, click here. © 2025 The Block. All Rights Reserved.
