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MARA Holdings (MARA) is still producing bitcoin, but its first-quarter results suggest the company is increasingly positioning itself around power, data centers and AI demand rather than expanding mining capacity through large purchases of specialized equipment.
In its first-quarter earnings statement, MARA said it does not expect to make large-scale purchases of the ASIC machines used for bitcoin mining. Historically, major equipment buys have been a key signal of a miner’s growth plans. With less appetite for new machines, the company’s near-term emphasis appears to move away from expanding pure mining capacity.
MARA said its power strategy is aimed at AI and high-performance computing. The company intends to place new infrastructure alongside existing mining operations, enabling it to generate bitcoin revenue while retaining the option to redirect power toward AI and other critical IT loads as demand matures.
MARA also stated that around 90% of its non-hosted mining capacity could eventually be used for AI and IT infrastructure.
First-quarter revenue fell 18% year over year to $174.6 million, the company said Monday. Its net loss widened to $1.3 billion, largely tied to unrealized losses on its 38,689 bitcoin. Over the same 12-month period, bitcoin fell 17%.
MARA said it sold $1.5 billion worth of bitcoin during the quarter to improve liquidity and retire debt. The sales included a $1.1 billion sale near quarter-end to fund a convertible note repurchase. Following the transactions, MARA fell two places to become the fourth-largest publicly traded holder of bitcoin, according to Bitcoin Treasuries data cited in the filing notes.
The strategy shift is reflected in MARA’s infrastructure plans. The company has a partnership with Starwood Capital and agreed to buy Long Ridge Energy & Power, a gas-fired power plant and data center campus in Ohio, in a $1.5 billion transaction. MARA said the site could eventually support more than 600 megawatts of AI load.
Despite the strategic shift, mining activity increased during the quarter. Energized hashrate rose 33% year over year to 72.2 exahash per second, and MARA mined 2,247 bitcoin, up from 2,011 in the previous quarter.
While bitcoin mining remains a useful part of MARA’s operations, the company’s disclosures and capital allocation suggest it is placing less emphasis on mining expansion as its core business.
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