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
