Marathon Digital’s Q4 2025 earnings sent shockwaves through the mining sector. The largest U.S. listed miner posted a $1.7 billion net loss, reversing a $528 million profit in Q4 2024. Quarterly revenue came in at $202.3 million, slightly below last year’s $214.4 million.
Full-year revenue improved to $907.1 million (vs. $656.4 million), but the annual loss reached $1.3 billion — largely due to a $1.5 billion fair-value adjustment on Bitcoin holdings. Accounting rules forced the company to mark down assets as prices fell. Adjusted EBITDA stood at negative $1.5 billion, reflecting market pressure rather than operational failure.
Hashrate Hits 66.4 EH/s; Mining Cost Surges to $48,611
Despite the loss, Marathon expanded. Energized hashrate rose from 53.2 EH/s to 66.4 EH/s. Q4 production: 2,011 BTC; full-year: 8,799 BTC. Energy costs hit $50.8 million in Q4 and $179 million for the year. The average cost per Bitcoin mined jumped to $48,611, driven by network difficulty and higher electricity rates. The company now holds 53,822 BTC (worth ~$3.41 billion at current price) plus $547 million in unrestricted cash.
Bitcoin Drops to $62K After US-Israel Airstrikes on Iran
Bitcoin fell to around $62,000, its lowest in a month, before recovering slightly to $63,445. The 24-hour drop was 6.59%. The decline coincided with coordinated U.S. and Israeli strikes on Iranian military infrastructure, heightening fears of regional instability. Since January 2026’s peak of $92,559, Bitcoin has lost nearly $30,000.
Strategy vs Marathon: Who Faces Bigger Paper Loss?
Strategy remains the largest corporate BTC holder with 717,722 coins. At the January peak, its holdings were worth ~$66.4 billion; now ~$45.5 billion — an unrealized loss of roughly $20.9 billion. Marathon’s holdings dropped from ~$4.98 billion to ~$3.41 billion, a $1.57 billion paper loss. However, Marathon also faces mining equipment depreciation and rising operational costs.
Wikipedia co-founder Larry Sanger warned Bitcoin could fall to $10,000 or lower, calling it speculation-driven. Analysts note that digital assets react instantly to geopolitical shocks; further escalation could push Bitcoin below prior lows.