THE MINING POD: Has the Market Left MARA Behind?

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4.8 • 689 Ratings

🗓️ 28 October 2025

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

MARA as once the darling of public bitcoin miners, but it’s fallen behind in 2025. We break down why and what MARA can do to get back in the limelight. Welcome back to The Mining Pod! Today, we dive deep into MARA, the largest public Bitcoin miner by hash rate at 60.4 EH/s. Despite leading in hashrate, MARA has lagged behind peers like Riot and CleanSpark with just a 5.4% YoY return versus competitors seeing double or triple digit gains. We break down the ownership structure of MARA’s current bitcoin mining operations, the company’s 96% US concentration versus 50/50 US/international goals, vertical integration moves, and why the market values AI/HPC megawatts over Bitcoin mining capacity right now. Notes: • MARA operates 60.4 EH/s across 18 sites • Only 5.4% YTD return vs peers at 62%+ gains • 96% US footprint, targeting 50/50 international split • ~50/50 split between owned and hosted capacity • 1.174GW total operational capacity • Q2 SG&A costs: $92-93 million Timestamps: 00:00 Start 02:56 MARA snapshot 07:20 Sovereign systems 15:32 Financials 18:20 IREN, RIOT flip MARA 19:50 CTO let go 22:48 MARA in a crab market 23:16 Exaion France Power Authority 26:30 Share dilution 30:03 Auradine rigs 👉CleanSpark, America's Bitcoin Miner! CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading Bitcoin miner with a proven track record of success. They own a fully self-operated portfolio of mining facilities across the U.S. powered by globally competitive energy prices. CleanSpark sits at the intersection of Bitcoin, energy, operational excellence and capital stewardship. Optimally monetizing low-cost, high reliability electricity positions them to prosper in an ever-changing world. 👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute. 👉 Luxor, Leaders In Bitcoin Mining and Compute Power! Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS. Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Transcript

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0:00.0	Mara, formerly known as Marathon Holdings, is the largest public Bitcoin miner by
0:05.2	hash rate under management at 60.4 XAhes.
0:08.0	But it has been lagging its peers this year as Bitcoin mining stocks experience a historic
0:13.2	rally amid the wider AI and HPC boom.
0:17.3	This is the mining pod brought to you by CleanSpark.
0:19.7	And for today's show, we will be giving a breakdown of where Mara stands currently,
0:24.7	what its AI and HBC aspirations are, if any.
0:27.5	They've been kind of vague here, though they do have partnerships in the works,
0:30.8	and what we should expect for them over the next year and what investors would like to see
0:36.5	to see Marathon catch up to the pack.
0:39.3	You're listening to the Mining Pod, and we'll be right back after a quick word from our sponsors.
0:43.3	Guys, there is a serious problem right now in Bitcoin mining, and we need to talk about it.
0:47.7	You need to pay attention to this.
0:49.4	Bitcoin miners are identifying as AI companies, and people keep mis-sectoring them because they say, well, look,
0:56.3	your infrastructure is clearly for Bitcoin mining. What do you want me to do about it? I'm going to
1:00.5	tell you what you need to do. You need to call F-Box, the leading digital infrastructure company
1:06.6	with all-encompassing cooling solutions. F-box designs industry-leading air, hydro, and emerging cooling systems for Bitcoin mining
1:13.8	and AI and HBC data centers.
1:15.8	I want to highlight that.
1:16.8	If you're a Bitcoin miner who needs to bridge the gap, if you're pivoting or doing hybrid
1:20.7	operations, they can build cooling solutions and infrastructure for both your Bitcoin
1:24.9	mining and your AI and HBC operations. And they have an in-house
	...

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