Bitcoin Miners MARA and CleanSpark Face Quarterly Losses Amid Revenue Growth

In Q1 2025, Marathon Digital Holdings generated $213.9 million in revenue, outpacing CleanSpark‘s $181.71 million. Both companies faced net losses despite these revenue gains, reflecting market volatility.

Fred Thiel, CEO of Marathon, highlighted production declines with an average of 25.4 BTC mined daily. Zach Bradford, CEO of CleanSpark, emphasized their focus on achieving Bitcoin output targets.

“We produced an average of 25.4 BTC each day during the quarter compared to 30.9 BTC each day in the prior year period… Despite lower production, we saw an 81% increase in number of blocks won.” — Fred Thiel, Chairman & CEO, Marathon Digital Holdings

Despite reducing Bitcoin production, Marathon increased its Bitcoin reserves to 47,531 BTC. CleanSpark expanded its holdings as well, indicating a long-term bullish stance on Bitcoin’s market value. Both companies’ increased Bitcoin reserves and strategic focuses on mining efficiency signal a continued commitment to the cryptocurrency industry amidst ongoing market shifts.

Historically, Bitcoin halving events result in decreased production, yet firms often post revenue gains if average Bitcoin prices rise sharply, as seen in the current cycle. Based on past trends, firms like Marathon and CleanSpark may financially recover through strategic mining operations and capitalizing on potential upward price momentum in the Bitcoin market.

Zach Bradford, CEO of CleanSpark, stated, “This was a quarter defined by discipline, scale and continued strategic clarity. As other players shift direction or decelerate growth, CleanSpark has doubled down on being the only remaining pure-play, public Bitcoin miner. We believe that focus matters now more than ever, and we remain on track to reach our 50 EH/s target during June, all while growing our Bitcoin treasury, strengthening the balance sheet, and prioritizing long-term stockholder value.”