Bitcoin mining company MARA reports Q4 2025 results, with revenue down 6% year-over-year to $202.3 million. Due to the decline in Bitcoin prices, the company recognized approximately $1.5 billion in fair value losses on digital assets, resulting in a net loss of $1.7 billion. Adjusted EBITDA was -$1.49 billion. The company's hash rate increased year-over-year to 66.4 EH/s, but during the quarter, only 2,011 BTC were mined, a 15% decrease in the number of blocks mined year-over-year. The cost of electricity per BTC mined rose to $48,611. By the end of the year, the company held 53,822 BTC (approximately $470 million at quarter-end prices), with 15,315 BTC lent or pledged, generating about $32.1 million in interest income for the year.

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