Just looked at MARA's Q4 numbers and wow, that's rough. They took a massive $1.7 billion net loss - mostly from Bitcoin holdings getting crushed in fair value. Revenue actually dropped 6% year-over-year to $202.3M, which is wild considering they ramped up their hash rate to 66.4 EH/s. But here's the thing - even with all that computing power, they only mined 2,011 BTC last quarter, down 15% from before. That tells you how brutal the mining economics got.

Electricity costs are the killer here. They're paying $48,611 per Bitcoin just in power alone. Meanwhile, they're sitting on 53,822 BTC in reserves, though about 15k of that is loaned out or pledged. At quarter-end valuations that was roughly $470M in holdings. They did pull in $32.1M in interest income for the year, but that's basically a rounding error compared to the losses. The adjusted EBITDA was negative $1.49B - so even before accounting for asset depreciation, the core mining operation is underwater.