Bitcoin falls again, and crypto miners immediately feel the slope becoming steeper. When BTC slides, mining farms no longer hear a simple market noise, but an accounting avalanche. Marathon is now moving forward tight, with its crampons firmly planted in its costs, with less financial oxygen. Each decline in bitcoin transforms its industrial model into a cold, expensive and dangerously vertical climb.
In brief
- Marathon posts a gigantic quarterly loss despite a significant increase in overall operational mining power.
- Bitcoin is falling sharply, brutally reducing the revenues of the American industrial crypto mining giant.
- Marathon sells $1.5 billion worth of BTC to significantly reduce its current financial debt.
- Marathon sells $1.5 billion worth of BTC to significantly reduce its current financial debt.
Bitcoin stalls, Marathon takes the avalanche in the face
Marathon Holdings posts a net loss of $1.3 billion in Q1 2026. A year earlier, the deficit already reached $533.4 million, but the crack has widened. Revenue fell to $174.6 million from $213.9 million in Q1 2025.
According to the company, the average 18% drop in the price of bitcoin explains 33.1 million lost revenue. Lower production takes another 2.5 million, while other income falls by 3.7 million.
However, Marathon did not cut the engines. Its hashrate increases from 54.3 EH/s to 72.2 EH/s, or 33% additional power. The paradox stings like a white wind at altitude: more machines, more spending, but less margin.
In this post-halving crypto industry, producing more is no longer enough. Bitcoin still dictates the weather, and Marathon takes each gust straight to the balance sheet.
Crypto mining enters the steep post-halving corridor
Crypto mining now resembles an expedition where each meter costs more than expected. Marathon suffered a $729 million worsening in its net loss over one year. The heart of the shock comes from an increase of 520.4 million in the operational loss, fueled by unfavorable adjustments linked to bitcoin.
These adjustments amount to approximately $1 billion, plus $45.9 million in restructuring costs.
The sectoral setting doesn't help. Since the April 2024 halving, the block reward has increased from 6.25 to 3.125 BTC. Crypto miners must therefore climb with a heavier bag, on a smoother wall.
MARA stock illustrates this fatigue: it remains well below its annual peak of $23.45. However, analysts maintain an average target of around $17.62, with a majority of positive opinions.
The market is therefore not burying Marathon, but it demands clear proof: reduce costs, stabilize margins and survive the energy winter.
Marathon sells its treasure to prepare for post-bitcoin mining
Marathon sold approximately $1.5 billion worth of bitcoin during the quarter. These funds were used to repurchase, at a discount, more than 1 billion 2030 and 2031 convertible bonds. The company also reduced its credit line by 200 million, then refinanced 150 million at 7%, compared to 10.5% previously.
This maneuver resembles a surgical operation in a mountain refuge: rough, precise, essential.
The pivot goes beyond simple debt. Marathon is preparing its shift towards AI and high-performance computing. Its Long Ridge Energy & Power project, valued at $1.5 billion, could support more than 600 MW of AI charging. Around 90% of its unhosted mining capacity could also be used for these new uses.
However, Marathon still keeps 35,303 bitcoins, part of which is loaned or given as collateral.
The numbers that bang on the wall
- Marathon net loss: $1.3 billion in Q1 2026;
- Operational Hashrate: 72.2 EH/s, up 33%;
- Bitcoin sold: approximately $1.5 billion during the quarter;
- Remaining reserves: 35,303 BTC still held by Marathon;
- BTC price: $81,159 during this writing.
The marriage between AI and bitcoin mining can save infrastructure, but also crush laggards. This new force is already redistributing the energy, margins and priorities of the sector. In this crypto rope, electricity sometimes becomes more strategic than the machines themselves.
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