MARA Announces Bitcoin Production and Mining Operation Updates for April 2025

Rhea-AI Summary

MARA reported its Bitcoin mining operations update for April 2025. The company's energized hash rate grew 5.5% to 57.3 EH/s, despite facing a 15% month-over-month decrease in blocks won due to increased global hashrate and mining difficulty. MARA completed a 50 MW expansion at its Ohio data center, bringing total operational capacity to 100 MW, and installed over 12,000 S21 Pro miners. The company fully energized 25 MW gas-to-power operations in North Dakota and Texas, which provide their lowest cost per BTC mined. MARA's Bitcoin holdings increased to 48,237 BTC, with no sales during April. Monthly production metrics showed 705 BTC produced (down 15% from March), with an average of 23.5 BTC produced per day and a 5.1% share of available miner rewards.

Positive

• Energized hash rate increased 5.5% to 57.3 EH/s
• Completed 50 MW expansion at Ohio data center, doubling capacity to 100 MW
• Installed over 12,000 S21 Pro miners
• Fully energized 25 MW gas-to-power operations providing lowest cost per BTC mined
• Increased Bitcoin holdings to 48,237 BTC
• Strong hodl strategy with no BTC sales in April

Negative

• 15% decrease in blocks won month-over-month
• 15% decrease in BTC production (705 BTC vs 829 BTC in March)
• Mining difficulty increased 8% from March
• Reduced share of available miner rewards from 5.8% to 5.1%

Insights

Cryptocurrency Mining Analyst

MARA expanded infrastructure amid difficult mining conditions, with production down 15% despite 5.5% hashrate growth due to increased network difficulty.

MARA's April update reveals the challenging reality of Bitcoin mining economics. Despite growing their energized hashrate by 5.5% to 57.3 EH/s, their BTC production declined by 15% month-over-month (from 829 to 705). This divergence illustrates the fundamental challenge in Bitcoin mining: as global hashrate expands and difficulty adjusts upward (8% in April), the same computational power yields progressively fewer rewards.

The company's market share of Bitcoin mining rewards declined from 5.8% to 5.1%, reflecting intensified network competition. Transaction fees remained consistent at 1.3% of total rewards, providing minimal buffer against the reduced block subsidies.

MARA's deployment of over 12,000 S21 Pro miners at their Ohio facility represents necessary equipment upgrading to maintain competitiveness. Without continuous hardware refreshes, mining operations face accelerating obsolescence as newer, more efficient machines come online.

The company continues its HODL strategy, increasing total Bitcoin holdings to 48,237 BTC without selling any in April. However, the asterisk noting "loaned and collateralized bitcoin" indicates that some portion of these holdings may be leveraged for additional capital, creating both opportunity and risk depending on market conditions.

Energy Infrastructure Analyst

MARA's vertical integration strategy progresses with expanded data center capacity and gas-to-power operations that provide their lowest mining costs.

MARA's infrastructure development demonstrates meaningful progress toward vertical integration in the digital energy sector. The completion of a 50MW expansion at their Ohio data center doubles operational capacity to 100MW, with architectural readiness to scale to 200MW as market conditions warrant.

Their fully energized 25MW gas-to-power operations across wellheads in North Dakota and Texas represent an innovative approach to mining economics. By capturing otherwise flared or vented natural gas, these operations provide dual benefits: according to management, they deliver MARA's "lowest cost per BTC mined" while simultaneously mitigating methane emissions for gas producers.

This approach addresses one of the significant environmental criticisms of cryptocurrency mining while creating economic value from wasted resources. For context, methane has approximately 25 times the global warming potential of CO2 over a 100-year period, making these operations potentially valuable from both economic and environmental perspectives.

MARA's strategic pivot from an asset-light model to vertical integration aims to provide three key advantages: tighter operational control, improved cost efficiency, and enhanced economic resilience. By owning and operating their power infrastructure rather than relying on third-party hosting, MARA can potentially maintain lower and more predictable operating costs - the dominant expense in Bitcoin mining operations.

Energized Hash Rate Grew 5.5% to 57.3 EH/s
Increased BTC Holdings* to 48,237 BTC

Fort Lauderdale, FL, May 05, 2025 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a vertically integrated digital energy and infrastructure company that leverages high-intensity compute, such as bitcoin ("bitcoin" or "BTC") mining, to monetize excess energy and optimize power management, today published unaudited bitcoin production updates for April 2025.

Management Commentary

"In April, our production saw a 15% month-over-month decrease in blocks won, as global hashrate had its second largest monthly gain on record and mining difficulty grew 8% from March," said Fred Thiel, MARA's chairman and CEO. "Despite these headwinds, our energized hashrate grew 5.5% over the prior month. We completed a 50-megawatt ("MW") expansion at our fully owned data center in Ohio, bringing total operational capacity to 100 MW, with the site designed to scale up to 200 MW. Additionally, we installed over 12,000 S21 Pro miners at the location.

"Last month, we fully energized our 25 MW gas-to-power operations across wellheads in North Dakota and Texas. These sites currently provide us with our lowest cost per BTC mined while monetizing excess gas and mitigating methane emissions for the producers.

“We remain laser-focused on transforming MARA into a vertically integrated digital energy and infrastructure company. We believe this model gives us tighter operational control, improves cost-efficiency, and makes us more resilient to shifts in the broader economy.”

Operational Highlights and Updates

Figure 1: Operational Highlights

Prior Month Comparison		Prior Month Comparison
Metric		4/30/2025				3/31/2025				% Δ
Number of Blocks Won 1			205				242				(15	)%
BTC Produced			705				829				(15	)%
Average BTC Produced per Day			23.5				26.8				(12	)%
Share of available miner rewards 2			5.1	%			5.8	%			NM
Transaction Fees as % of Total 1			1.3	%			1.3	%			NM
Energized Hashrate (EH/s) 1			57.3				54.3				5.5	%

1. These metrics are MARAPool only and do not include blocks won from joint ventures.
2. Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.

NM - Not Meaningful

As of April 30, 2025, the Company held a total of 48,237 BTC*. MARA opted not to sell any BTC in April.

*Includes loaned and collateralized bitcoin

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange Commission (the "SEC"). If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Forward-Looking Statements" below.

The operational highlights and updates presented in this press release pertain solely to our BTC mining operations. Detailed information regarding our other operations can be found in our periodic reports filed with the SEC.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to scaling our data center in Ohio, mitigating methane emissions at our gas-to-power operations in North Dakota and Texas and expected benefits of transforming from an asset-light model into a vertically integrated digital energy and infrastructure company. Such forward-looking statements are based on management’s current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading “Risk Factors” in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the SEC.

About MARA

MARA (NASDAQ: MARA) is a vertically integrated digital energy and infrastructure company that leverages high-intensity compute, such as bitcoin mining, to monetize excess energy and optimize power management. We are focused on two key priorities: strategically growing by shifting our model toward low-cost energy with more efficient capital deployment and bringing to market a full suite of solutions for data centers and edge inference - including energy management, load balancing and advanced cooling.

For more information, visit www.mara.com, or follow us on:

Twitter: @MARAHoldings
LinkedIn: www.linkedin.com/company/maraholdings
Facebook: www.facebook.com/MARAHoldings
Instagram: @maraholdingsinc

MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com

MARA Media Contact:
Email: marathon@wachsman.com

FAQ

How many Bitcoin did MARA mine in April 2025?

MARA mined 705 Bitcoin in April 2025, averaging 23.5 BTC per day, which represents a 15% decrease from March's production.

What is MARA's current Bitcoin holdings as of April 2025?

MARA held 48,237 BTC as of April 30, 2025, maintaining their holdings by not selling any Bitcoin during the month.

What was MARA's hashrate growth in April 2025?

MARA's energized hashrate grew 5.5% from March to reach 57.3 EH/s in April 2025.

What operational expansions did MARA complete in April 2025?

MARA completed a 50 MW expansion at their Ohio data center (reaching 100 MW capacity), installed over 12,000 S21 Pro miners, and fully energized 25 MW of gas-to-power operations in North Dakota and Texas.

How did MARA's mining performance change compared to March 2025?

MARA experienced a 15% decrease in blocks won and BTC production compared to March, with their share of available miner rewards dropping from 5.8% to 5.1% due to increased global hashrate and mining difficulty.