Marathon Digital Holdings (NASDAQ: MARA) is one of the U.S.-listed Bitcoin miners, primarily engaged in Bitcoin mining and related digital infrastructure. By deploying specialized miners and data center infrastructure, it converts power into hashrate, participates in the Bitcoin network's proof-of-work mechanism, and earns BTC rewards by successfully mining blocks. Beyond mining, MARA holds a large amount of BTC and treats BTC asset management as part of its strategy. In recent years it has also been expanding its energy and digital infrastructure footprint, seeking to combine Bitcoin mining, power resources and high-performance computing infrastructure.
| Quarter | BTC Production | Treasury | Hashrate | Cash Cost / BTC | Power | Efficiency | Source |
|---|---|---|---|---|---|---|---|
| 2026Q2 | 2,422 | 35,577 | 57.4 EH/s | $60,743 | 1,900 MW | 17.3 | 2026Q2 ↗ |
| 2026Q1 | 2,247 | 35,303 | 58.5 EH/s | $66,096 | 1,900 MW | 17.6 | 2026Q1 ↗ |
| 2025Q4 | 2,011 | 53,822 | 66.4 EH/s | $80,181 | 1,861 MW | 18.6 | 2025Q43 |
| 2025Q3 | 2,144 | 52,850 | 60.4 EH/s | $68,584 | 1,800 MW | 18.6 | 2025Q33 |
| 2025Q2 | 2,358 | 49,951 | 57.4 EH/s | $57,603 | 1,700 MW | 18.3 | 2025Q23 |
| 2025Q1 | 2,286 | 47,531 | 54.3 EH/s | $59,056 | 1,700 MW | 19.3 | 2025Q14 |
| 2024Q4 | 2,492 | 44,893 | 53.2 EH/s | $52,035 | 1,735 MW | 19.2 | 2024Q44 |
| 2024Q3 | 2,070 | 26,747 | 36.9 EH/s | $46,932 | 1,100 MW | 22.7 | 2024Q32 |
| 2024Q2 | 2,058 | 18,488 | 31.5 EH/s | — | 1,100 MW | 24.8 | 2024Q22 |
| 2024Q1 | 2,811 | 17,381 | 27.8 EH/s | $34,648 | 1,100 MW | 25 | 2024Q12 |
| 2023Q4 | 4,242 | 15,126 | 24.7 EH/s | $17,707 | 910 MW | 24.5 | 2023Q43 |
| 2023Q3 | 3,490 | 13,716 | 19.1 EH/s | $17,085 | 582.1 MW | 25.2 | 2023Q33 |
| 2023Q2 | 2,926 | 12,538 | 12.1 EH/s | $18,873 | — | 27.3 | 2023Q23 |
| 2023Q1 | 2,195 | 11,466 | 6.9 EH/s | $15,206 | — | — | 2023Q14 |
Data sources: SEC filings, company announcements and investor materials. Snapshot built 2026-09-21.