Mining Giants MARA & CleanSpark Print Revenue Surges—While Hut 8 Stumbles in Q1 2025

Bitcoin miners face a brutal Darwinian quarter: MARA and CleanSpark post explosive revenue growth, while Hut 8 eats their dust. The haves and have-nots of crypto mining just got sharper.

MARA & CleanSpark: Riding the Halving Wave

Both companies capitalized on post-halving efficiency plays—because nothing makes Wall Street happier than watching miners squeeze blood from a digital stone.

Hut 8’s Rough Patch

Struggling with outdated rigs and energy costs, Hut 8’s underperformance proves that in crypto mining, you either innovate or become a cautionary tweet.

As always, the market rewards the ruthless. Tick tock, next block.

MARA and CleanSpark Report Strong Revenue Growth Amid Net Losses

In their latest shareholder letter, MARA Holdings revealed that its Q1 2025 revenue reached $213.9 million, up from $165.2 million in Q1 2024. The revenue growth was driven by a 77% increase in the average Bitcoin price, despite a 21.8 million decrease in Bitcoin production due to the halving event. 

Furthermore, the company’s bitcoin holdings expanded dramatically to 47,531. This marked a 174% increase from the previous year. The holdings were valued at approximately $3.9 billion. 

“We produced an average of 25.4 BTC each day during the quarter compared to 30.9 BTC each day in the prior year period, which resulted in 525 less BTC in the first quarter of 2025 as compared to the prior year period. Despite lower production, we saw an 81% increase in number of blocks won,” the letter read.

The company’s net loss was $533.4 million. This represented a 258% decrease in income, primarily attributed to a decline in Bitcoin prices at the quarter’s end.

MARA is currently focused on transforming itself into a vertically integrated digital energy and infrastructure company. The company is prioritizing strategic growth by expanding its operations with low-cost energy solutions and efficient capital deployment, including investments in renewable energy sources like a 114 MW wind farm in Texas.

“MARA is investing in and developing digital energy technologies, which can both improve the efficiency of our operations and diversify our revenue streams. From chips to cooling infrastructure and software, we’re building the systems that will power the next generation of high-performance, energy-efficient computing,” the company added.

Meanwhile, CleanSpark’s revenue performance was also strong. Revenue increased year over year from $111.8 million to $181.7 million. Bitcoin production grew to 1,957 coins, generating an average revenue per coin of $92,811.

At the same time, the company reported a net loss of $138.8 million, a stark contrast to the $126.7 million income in Q1 2024. Adjusted EBITDA dropped from $181.8 million in Q1 2024 to a loss of $57.8 million.

“As other players shift direction or decelerate growth, CleanSpark has doubled down on being the only remaining pure-play, public bitcoin miner. We believe that focus matters now more than ever, and we remain on track to reach our 50 EH/s target during June, all while growing our bitcoin treasury, strengthening the balance sheet, and prioritizing long-term stockholder value,” CEO Zach Bradford stated.

Additionally, as of March 31, 2025, CleanSpark’s total assets amounted to $2.7 billion, with $97.0 million in cash and $979.6 million in Bitcoin. The company’s total current assets were valued at $947.5 million. The working capital was $838.2 million.

Hut 8 Q1 2025 Revenue Dips 58.1%

In contrast to MARA Holdings and CleanSpark’s revenue performance, Hut 8’s revenue declined in Q1 2025. The report highlighted a revenue of $21.8 million, down from $51.7 million in the same period last year. 

The company recorded a net loss of $134.3 million. In Q1 2024, it generated a net income of $250.7 million. Adjusted EBITDA declined sharply from a profit of $297.0 million last year to a loss of $117.7 million this year.

Hut 8’s strategic Bitcoin reserve grew to 10,264 BTC. The reserve’s market value stood at $847.2 million as of quarter end.

The total energy capacity under management reached 1,020 megawatts. Additionally, Hut 8 upgraded its ASIC fleet, resulting in a 79% increase in hashrate and a 37% improvement in fleet efficiency. 

BeInCrypto reported that the firm also launched American Bitcoin, a subsidiary focused on industrial-scale Bitcoin mining and accumulation.

“As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead,” CEO of Hut 8, Asher Genoot, remarked.

Another Bitcoin mining firm, Core Scientific, also released its fiscal report on May 7. Although the firm experienced a 55.7% revenue loss, its net income increased by 175.6%. Thus, the financial outcomes for Q1 2025 illustrate the dual challenges and opportunities within the sector.