Mining companies MARA and Hut 8 have released their financial reports for the first quarter of 2025, which show significant losses. According to the published data, MARA incurred losses of $533 million, while Hut 8 reported losses of $134.3 million.
This is reported by Finway
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 forced it to recognize unrealized losses of $510 million due to adjustments in the fair value of its bitcoin portfolio.
“We are a growing company, but not at any cost. Our goal is not to chase arbitrary hash rate numbers,” said MARA 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 was a result of reduced block rewards, making the mining process less profitable. However, MARA considers bitcoin to be “the best macroeconomic hedge in times of uncertainty” and plans to become “a vertically integrated digital energy and infrastructure company.” As of the end of the quarter, MARA owned 47,531 BTC, which is 174% more than in 2024 when it had only 17,320 BTC. The company also holds $196 million in cash and total assets of approximately $4.1 billion.
The Canadian company Hut 8, specializing in bitcoin mining and high-performance computing infrastructure, also announced a loss of $134.3 million in Q1 2025, accompanied by a 58% drop in revenue to $21.8 million. The company’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,” Genut stated.
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 its subsidiary American Bitcoin — a “clean” mining operator created with the support of the sons of U.S. President Donald Trump — Eric Trump and Donald Trump Jr. As of the end of March 2025, Hut 8 owned 10,264 BTC worth $847.2 million at the time of the report’s preparation.
It is worth noting that another bitcoin miner, Riot Platforms, also recorded a loss of $296 million in Q1, despite achieving record quarterly revenue.