Mining companies MARA and Hut 8 have released their financial results for the first quarter of 2025, reporting substantial losses. According to the published reports, MARA incurred a net loss of $533 million, while Hut 8 reported losses of $134 million.
This is reported by Бізнес • Медіа
Financial Results of MARA
The American company MARA Holdings reported a net loss of $533 million in Q1 2025, despite a record accumulation of bitcoins and a 30% increase in revenue compared to the same period last year. The company increased its revenues to $214 million; however, new cryptocurrency accounting rules led to the recognition of unrealized losses amounting to $510 million due to adjustments in the fair value of its bitcoin portfolio. This was the primary reason for the record losses.
“We are a growing company, but not at any cost. Our goal is not to chase arbitrary hash rate numbers”
— stated MARA’s CEO Fred Thiel in a letter to shareholders. Despite the increase in hash rate following the 2024 halving, bitcoin production decreased by 19% to 2,286 BTC in Q1. This decline occurred due to a reduction in block rewards, which negatively impacted mining profitability.
However, MARA believes that bitcoin remains “the best macroeconomic hedge in times of uncertainty.” The company aims to transform into a “vertically integrated digital energy and infrastructure company.” As of the end of the quarter, MARA owned 47,531 BTC, which is a 174% increase compared to 2024. The company also has $196 million in cash and total assets amounting to approximately $4.1 billion.
Results of Hut 8
The Canadian company Hut 8, which also specializes in bitcoin mining, reported losses of $134.3 million in Q1 2025, accompanied by a 58% decline in revenue to $21.8 million. Hut 8’s CEO Asher Genut emphasized that these results are part of a “deliberate and necessary phase of investment.”
“We believe that the results of this work will become increasingly evident in the coming quarters”
— noted Genut. In Q1, Hut 8:
- increased its hash rate by 79%;
- improved fleet efficiency by 37%;
- completed the upgrade of its ASIC equipment park in April.
The company also announced the launch of a subsidiary, American Bitcoin — a “clean” mining operator established with the support of the sons of U.S. President Donald Trump. By the end of March 2025, Hut 8 owned 10,264 BTC worth $847.2 million.
It is worth noting that another mining company, Riot Platforms, also recorded $296 million in losses in Q1, despite achieving record quarterly revenue.