Bitcoin mining company MARA announced its Q1 financial report: a net loss of 1.3 billion dollars, having sold approximately 1.1 billion dollars in Bitcoin to repay debts

According to official news, MARA's revenue in the first quarter was $174.6 million, a year-on-year decrease of 18%, with a net loss of $1.3 billion, mainly affected by the unrealized loss of 38,689 bitcoins on the balance sheet. MARA sold approximately $1.1 billion in bitcoins during the quarter to pay off debt and improve liquidity.

The company stated that bitcoin mining remains the cornerstone of its operations, but it is shifting its business towards AI and digital infrastructure, and it does not expect to make large-scale ASIC miner purchases in the future. Currently, its hash rate has expanded to 72.2 EH/s, and it mined a total of 2,247 bitcoins during the quarter.