MARA Reports $611M Loss While Miners Deposit 581 BTC to NYDIG

MARA Holdings, the largest publicly traded bitcoin miner, reported a net loss of $611 million in the second quarter, far below analyst expectations. Revenue fell 27% to $174.9 million, missing estimates. The loss included $343 million from unrealized mark-to-market changes on bitcoin holdings. Despite a 3% rise in bitcoin production to 2,422 BTC, a 28% decline in average bitcoin price during the quarter hurt earnings. MARA’s bitcoin treasury shrank 29% year-over-year to 35,577 BTC, of which 26,307 BTC is unrestricted, 4,742 BTC loaned out, and 4,528 BTC pledged as collateral.

On-chain data shows MARA deposited 200 BTC and Riot Platforms sent 381 BTC to institutional custodian NYDIG within the same day, totaling 581 BTC ($37 million). Analysts view NYDIG deposits as potential precursors to selling, though not guaranteed. Riot had previously offloaded 500 BTC to NYDIG in July as part of its own pivot toward AI-driven data centers.

MARA’s energized hashrate rose 22% to 70.3 EH/s, and its cost per petahash improved 4% to $27.7. The company is shifting focus toward AI and digital infrastructure to reduce reliance on bitcoin price volatility. This restructuring follows a 15% staff cut. Riot Platforms is pursuing a similar strategy.

The Q2 results highlight the pressure on major miners amid falling bitcoin prices and tightening margins. Whether the NYDIG deposits convert into sales will become clearer in the coming weeks, as will the success of MARA’s infrastructure pivot.

Source: https://news.bitcoin.com/mining/mara-q2-2026-loss-bitcoin-nydig/