According to reports from Wu, MARA and CleanSpark experienced revenue growth of 30% and 63% respectively in the first quarter of 2025, with revenues of $214 million and $182 million. However, both recorded losses. MARA lost $533 million, while CleanSpark lost $139 million. In comparison, for the same period in 2024, MARA had a net loss of $337 million, while CleanSpark achieved a net profit of $127 million. MARA plans to raise up to $2 billion through stock issuance for Bitcoin acquisitions and general operating funds, while CleanSpark continues to focus on its Bitcoin mining business.

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