Bitcoin miners MARA and CleanSpark post higher Q1 revenues, but both lose money

Bitcoin miners MARA and CleanSpark both posted an increase in revenue during the first quarter of this year, up 30% and 63%, respectively, according to statements released Thursday.

MARA's first-quarter revenues climbed to $214 million , up from $165 million the previous year. CleanSpark's revenues for the quarter ending in March increased to $182 million , rising from $112 million during the same period in 2024.

Despite the revenue increases, both companies also registered a net loss, with MARA losing $533 million and CleanSpark losing $139 million. During the first quarter of 2024, MARA, the largest publicly traded bitcoin miner, posted a net loss of $337 million, while CleanSpark had a net income of $127 million in the same period.

"We will maintain discipline in how and where we scale to maximize profitability, extend our energy relationships, and drive capital efficiency. The power industry has woken up to the benefits of bitcoin mining as a flexible load," MARA Chairman and CEO Fred Thiel said in a letter to shareholders.

Last month, MARA said it is seeking to sell up to $2 billion in stock offerings to expand its bitcoin holdings. The company said at the time it intends to use the proceeds for "general corporate purposes," including the acquisition of bitcoin and for working capital.

"As other players shift direction or decelerate growth, CleanSpark has doubled down on being the only remaining pure-play, public bitcoin miner," CleanSpark CEO Zach Bradford said in a statement.

With the price of Bitcoin surging over $100,000 on Thursday, both MARA and CleanSpark's shares rose.