The largest publicly traded U.S. miner, MARA Holdings, reported a loss of $1.7 billion for Q4 2025 — compared to a profit of $528 million a year earlier.



The main impact was due to the revaluation of Bitcoin reserves amid a price decline; despite the hash rate increasing to 66.4 EH/s, production decreased, and the electricity cost per BTC rose to $48 611.

Despite the weak report, the stock price increased by more than 15% following the announcement of a joint AI project with Starwood Capital Group to build data centers with a capacity of up to 2.5 GW.
BTC-4,37%
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