It's interesting to watch how miners handle market volatility. MARA just released its results for the past year, and the picture isn't very cheerful — a net loss of $1.7 billion in the last quarter of 2025. The main reason is the revaluation of digital assets due to the drop in Bitcoin's price, plus revenue fell 6% year-over-year to $202 million.

What's interesting is that the company increased its hash rate to 66.4 EH/s, but only mined 2,011 BTC in the quarter, which is 15% less than before. The cost of electricity per Bitcoin rose to $48,600, seriously impacting profitability. Adjusted EBITDA is negative by $1.49 billion.

By the end of the year, they held 53,800 BTC, but some of them are pledged or in debt. It turns out that even with the hash rate growth, profitability has declined — such is the math of mining under current conditions. If you're thinking about investing in Bitcoin miner stocks, you should understand these risks. Over the year, they earned $32 million from interest, but that's a drop in the bucket compared to losses.