MARA's Bitcoin Treasury and Strategic Optionality

MARA as once the darling of public bitcoin miners, but it’s fallen behind in 2025. We break down why and what MARA can do to get back in the limelight.

Welcome back to The Mining Pod! Today, we dive deep into MARA, the largest public Bitcoin miner by hash rate at 60.4 EH/s. Despite leading in hashrate, MARA has lagged behind peers like Riot and CleanSpark with just a 5.4% YoY return versus competitors seeing double or triple digit gains. We break down the ownership structure of MARA’s current bitcoin mining operations, the company’s 96% US concentration versus 50/50 US/international goals, vertical integration moves, and why the market values AI/HPC megawatts over Bitcoin mining capacity right now.

Notes: 

• MARA operates 60.4 EH/s across 18 sites

• Only 5.4% YTD return vs peers at 62%+ gains

• 96% US footprint, targeting 50/50 international split

• ~50/50 split between owned and hosted capacity

• 1.174GW total operational capacity

• Q2 SG&A costs: $92-93 million

Timestamps:

00:00 Start

02:56 MARA snapshot

07:20 Sovereign systems

15:32 Financials

18:20 IREN, RIOT flip MARA

19:50 CTO let go

22:48 MARA in a crab market

23:16 Exaion France Power Authority

26:30 Share dilution

30:03 Auradine rigs

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