As MARA and CleanSpark report revenue growth, Hut 8 faces challenges in its results for Q1 2025. The Bitcoin (BTC) mining and energy infrastructure companies MARA Holdings, CleanSpark, and Hut 8 released their financial reports for the first quarter of 2025. The reports from MARA and CleanSpark highlighted significant revenue growth despite substantial net losses.
The first company recorded a 30% increase in revenue compared to the previous year, while CleanSpark's revenue grew by 62.5%. However, Hut 8's revenue decreased by 58.1%.
MARA and CleanSpark report significant revenue growth amid net losses
In its latest letter to shareholders, MARA Holdings reported that its revenue for the first quarter of 2025 reached $213.9 million, higher than $165.2 million in the first quarter of 2024. The revenue growth was driven by a 77% increase in the average price of Bitcoin, despite a decrease in Bitcoin production by $21.8 million due to the halving event.
Furthermore, the company's Bitcoin inventory significantly increased to 47,531. This represented a 174% increase compared to the previous year. The value of the inventory was estimated at approximately $3.9 billion.
"We produced an average of 25.4 Bitcoins daily during the quarter compared to 30.9 Bitcoins daily in the previous year, resulting in a decrease of 525 Bitcoins in the first quarter of 2025 compared to the prior year. Despite lower production, we saw an 81% increase in the number of blocks mined," the letter stated.
The company's net loss amounted to $533.4 million. This represented a 258% decrease in revenue, primarily driven by falling Bitcoin prices at the end of the quarter.
Currently, MARA is focused on transforming itself into a vertically integrated company in digital energy and infrastructure. The company prioritizes strategic growth by expanding its operations using low-cost energy solutions and efficient capital allocation, including investments in renewable energy sources such as a 114 MW wind farm in Texas.
"MARA is investing in the development of digital energy technologies that can both enhance the efficiency of our operations and diversify our revenue streams. From chips to cooling infrastructure and software, we are building systems that will provide the next generation of high-performance, energy-efficient computing," the company added.
Meanwhile, CleanSpark's financial performance was also strong. Revenue grew from $111.8 million to $181.7 million compared to the previous year. Bitcoin production increased to 1,957 tokens, yielding an average revenue per token of $92,811.
At the same time, the company reported a net loss of $138.8 million, a sharp contrast to revenue of $126.7 million in the first quarter of 2024. Adjusted EBITDA dropped from $181.8 million in the first quarter of 2024 to a loss of $57.8 million.
"When other players are changing direction or slowing growth, CleanSpark doubled down on efforts, remaining the only public Bitcoin miner. We believe that focus matters now more than ever, and we remain on track to achieve our goal of 50 EH/s in June, while also increasing our Bitcoin holdings, strengthening our balance sheet, and prioritizing long-term value for shareholders," stated CEO Zach Bradford.
Additionally, as of March 31, 2025, CleanSpark's total assets amounted to $2.7 billion, of which $97.0 million was in cash and $979.6 million in Bitcoins. The total value of the company's current assets was $947.5 million. Working capital was $838.2 million.
Hut 8's revenue in the first quarter of 2025 decreased by 58.1%
In contrast to the financial figures of MARA Holdings and CleanSpark, Hut 8's revenue decreased in the first quarter of 2025. The report highlighted 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 the first quarter of 2024, it generated a net income of $250.7 million. Adjusted EBITDA sharply fell 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 Bitcoins. The market value of the reserve was $847.2 million at the end of the quarter.
The total energy capacity under management reached 1,020 megawatts. Additionally, Hut 8 upgraded its ASIC fleet, resulting in a 79% increase in hash rate and a 37% improvement in fleet efficiency.
BeInCrypto reported that the company also launched American Bitcoin, a subsidiary focused on large-scale Bitcoin mining and accumulation.
"As reflected in our results, the first quarter was a conscious and necessary phase of investing. We believe that the returns from this work will become increasingly evident in the following quarters," stated Hut 8 CEO, Asher Genut.
Another Bitcoin mining company, Core Scientific, also released its financial report on May 7. Although the company experienced a 55.7% decline in revenue, its net profit increased by 175.6%. Thus, the financial results for the first quarter of 2025 illustrate the dual challenges and opportunities in this sector.#BinanceSquare #Write2Earn #Binance #TradeStories #crypto $ETH
