Bitcoin mining company MARA reported a 6% year-over-year revenue decline to $202.3 million for Q4 2025, impacted by a drop in Bitcoin prices. The company recorded a $1.5 billion loss in digital asset fair value, leading to a net loss of $1.7 billion. Adjusted EBITDA stood at negative $1.49 billion. Despite increasing its hash rate to 66.4 EH/s, MARA mined only 2,011 BTC during the quarter, a 15% decrease in block production. The cost of electricity per Bitcoin rose to $48,611. At the end of the year, MARA held 53,822 BTC, valued at approximately $470 million at quarter-end prices, with 15,315 BTC either loaned or pledged. The company earned approximately $32.1 million in interest income for the year.