Has the Market Left MARA Behind?

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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