MARA mined 2,247 BTC in the third quarter of 2026, up 5% year over year, while its energized hash rate rose 18% to 71.2 EH/s. Revenue nevertheless fell 35% to $164 million. Net income increased from $123 million a year earlier to $632 million.
Those figures measure different things. MARA’s Bitcoin holdings are marked to fair value through current-period earnings, and Bitcoin’s price rose about 43% from the end of the second quarter. The reported profit therefore should not be read as a measure of mining revenue alone. The source does not quantify how much of net income came from the fair-value change.
At the end of September, MARA held 34,012 BTC, down 36% year over year. The decline mainly reflected BTC sales in the first half of 2026; some proceeds were used to repurchase convertible bonds and repay credit facilities. In October, MARA sold 13,597 BTC at an average price of approximately $81,039, raising about $1.1 billion. It used the proceeds to repay a $750 million Bitcoin-backed loan in full, releasing 17,477 BTC from collateral.
For valuation, the distinction is between mining output, accounting gains on BTC holdings and changes to the balance sheet. These reported figures do not, on their own, establish a value for MARA’s equity.
Original report: Odaily, November 10, 2026, 08:19 UTC+8.