What happens when the energy economics of bitcoin mining no longer cover the cost of capital? That question now sits at the center of quarterly reports from two of the largest public miners. MARA and CleanSpark both posted double-digit revenue declines and widening losses, even as each company accelerates a strategic pivot toward AI infrastructure.
MARA's net loss widened to $611.3 million, or $1.60 per diluted share, while CleanSpark's loss reached $239.8 million, or $0.89 per basic share. Revenue at both firms fell sharply from year-ago levels as the April halving cut block subsidies in half and bitcoin has traded in a narrow range near $64,000. The economics are straightforward: miners now earn 3.125 bitcoin per block instead of 6.25, but power contracts and equipment depreciation did not adjust downward.
The hashrate signal
Network hashrate has held near all-time highs above 600 exahashes per second, indicating that miners have not capitulated en masse. Instead, the largest operators are absorbing losses on the bitcoin side while deploying their energy interconnections and land banks toward high-performance computing contracts. MARA has signaled plans to allocate up to 50% of its future capacity to AI workloads. CleanSpark has begun retrofitting sites in Georgia and Texas for GPU clusters.
| Miner | Net Loss (Latest Q) | Loss Per Share | Strategic Pivot |
|---|---|---|---|
| --- | --- | --- | --- |
| MARA | $611.3M | $1.60 diluted | AI data centers, 50% capacity target |
|---|---|---|---|
| CleanSpark | $239.8M | $0.89 basic | GPU retrofits in GA and TX |
Margins after the halving
The halving math is unforgiving. At $64,290 per bitcoin, the daily block subsidy is worth roughly $30 million across the entire network — down from $60 million before April. Electricity costs for public miners average $0.04–$0.06 per kilowatt-hour, leaving thin margins even for the most efficient fleets. Both companies have responded by selling a higher share of monthly production. MARA liquidated over 80% of mined bitcoin in recent months; CleanSpark has maintained a similar pace to fund operations and the AI buildout.
Historical precedent
The last halving in 2020 triggered a similar dynamic: public miners raised equity, sold treasury bitcoin, and expanded hashrate aggressively. That cycle ended with a wave of Chapter 11 filings in 2022 when bitcoin fell below $20,000 and energy prices spiked. The difference this time is the AI revenue floor. Hyperscalers are signing 10–15 year power purchase agreements at $0.08–$0.12 per kilowatt-hour for guaranteed capacity — rates that exceed what bitcoin mining can sustainably pay.
What it implies for supply pressure
Miners are no longer forced sellers at any price. The AI pivot creates an alternative revenue stream that reduces the correlation between bitcoin price and miner liquidation. If the trend holds, the structural sell pressure from new supply — 450 bitcoin per day post-halving — may be absorbed more gradually. The risk remains a sharp bitcoin decline that impairs both mining margins and the creditworthiness needed to finance AI retrofits. The next difficulty adjustment and the Q3 earnings cycle will test whether the new model holds.