MARA, CleanSpark Post $611M and $240M Q2 Losses from Bitcoin Revaluation
MARA Holdings and CleanSpark reported massive net losses for the second quarter as Bitcoin’s decline triggered hundreds of millions in impairment charges, despite higher production.
Bitcoin’s price drop during the second quarter weighed heavily on the earnings of top U.S. miners MARA Holdings (MARA) and CleanSpark (CLSK), both of which swung to substantial losses after being profitable a year earlier.
MARA posted a net loss of $611 million, as revenue fell 27% to $174.9 million even though the company mined 2,422 BTC. The largest drag came from a $343 million paper loss from the revaluation of its crypto holdings.
CleanSpark recorded a net loss of nearly $240 million. Its revenue dropped to $138 million from $198.6 million in the same period last year, while a revaluation loss on its bitcoin position amounted to $116.3 million.
Both firms had been profitable in the prior-year quarter, highlighting how recent BTC price action has pressured miner income statements.
Source: ForkLog