Bitcoin Mining Update: MARA & Riot Stumble as ETFs, MicroStrategy Keep Buying

MARA Holdings: Declining Bitcoin Production and Significant Stock Drop

MARA Holdings, formerly known as Marathon Digital, is one of the most prominent Bitcoin miners in the United States, operating large data centers with proprietary infrastructure. According to Finanztrends, the company experienced a sharp decline in its stock price, falling by approximately 10% following a disappointing April report. Despite a 5.5% increase in energized hashrate to 57.3 EH/s and the expansion of its Ohio datacenter by 50 megawatts (now hosting over 12,000 new S21 Pro miners), Bitcoin production dropped by 15% to just 705 BTC in April compared to March. This decrease was primarily due to a significant reduction in the number of blocks mined, attributed to an 8% increase in mining difficulty and a surge in global hashrate.

MARA maintained its "hodl" strategy, not selling any Bitcoin in April and holding a total of 48,237 BTC, many of which are pledged or used as collateral. The company is responding to increased market competition and declining miner yields with efficiency measures and infrastructure investments, such as gas-to-power projects in the US. However, the recent stock plunge reflects investor skepticism about future profitability.

April 2025	March 2025	Change
705 BTC produced	830 BTC produced (approx.)	-15%
Hashrate: 57.3 EH/s	~54.3 EH/s	+5.5%
Bitcoin held: 48,237	Not specified	Stable, no sales

Stock price dropped by 10% after the report.
Mining difficulty increased by 8%.
Ohio datacenter expanded by 50 MW, now over 12,000 new miners.

Summary: Despite technical progress and infrastructure expansion, MARA Holdings faces declining production and investor uncertainty, as reflected in a significant stock price drop. (Source: Finanztrends)

Riot Platforms: Bitcoin Production, Strategic Sales, and Expansion

Riot Platforms, Inc. (NASDAQ: RIOT), with a market capitalization of $3 billion and a high beta of 4.6, reported the mining of 463 Bitcoin in April 2025, according to Investing.com Deutsch. This represents a 23% increase compared to April 2024 but a 13% decrease from the 533 Bitcoin mined in March 2025. The average daily production in April was 15.4 BTC, down from 17.2 BTC in March. Riot’s Bitcoin holdings remained stable at 19,211 BTC, a significant 117% increase from 8,872 BTC in April 2024.

In April, Riot sold 475 Bitcoin, generating net proceeds of $38.8 million at an average net price of $81,731 per Bitcoin. These sales were part of a strategy to fund ongoing growth and operational costs, aiming to strengthen the company’s balance sheet and limit share dilution. The company maintained a current ratio of 3.23, but InvestingPro data highlighted a significant negative free cash flow, emphasizing the importance of these strategic sales. Riot’s deployed hash rate capacity remained at 33.7 EH/s, a 168% increase year-over-year, while the average operational hash rate for April was 29.3 EH/s, up 234% from the previous year.

Riot also reported $2.0 million in power and demand response credits, with total power costs at 3.7 cents per kilowatt-hour after credits. The mining fleet’s efficiency improved by 22% year-over-year to 21.0 joules per terahash. The company acquired 125 MW of power capacity from Rhodium at its Rockdale facility and ended all outstanding litigation, marking a complete exit from the Bitcoin mining hosting business. Riot is actively recruiting for various positions as part of its expansion efforts.

April 2025	March 2025	April 2024
463 BTC mined	533 BTC mined	376 BTC mined (approx.)
BTC held: 19,211	19,223	8,872
Hashrate: 33.7 EH/s	30.3 EH/s (avg.)	12.6 EH/s (approx.)
BTC sold: 475	Not specified	Not specified
Net proceeds: $38.8M	Not specified	Not specified
Avg. price/BTC: $81,731	Not specified	Not specified

Power credits: $2.0 million
Power cost: 3.7 cents/kWh
Mining efficiency: 21.0 J/TH (22% improvement)
Q1 2025 revenue: $161.4 million (exceeded forecast)
Q1 2025 net loss: $296.4 million
Gross profit: $73.6 million (up from $55.7 million)
Secured $100 million credit facility with Coinbase

Summary: Riot Platforms increased its Bitcoin holdings and improved operational efficiency, but faces profitability challenges and continues to expand into AI data centers and new power assets. (Source: Investing.com Deutsch)

US Bitcoin ETFs: Institutional Accumulation Outpaces Mining Production

According to Cointelegraph, US-based Bitcoin ETFs purchased 18,644 BTC in the past week, while only 3,150 BTC were mined during the same period. This means that institutional and ETF issuers accumulated nearly six times the amount of Bitcoin produced by miners, with miners generating only 450 coins per day. Farside Investors reported total inflows of approximately $1.8 billion over the last five trading days, with only one day of net outflows since April 16.

The iShares Bitcoin Trust (IBIT) by BlackRock led the sector, recording nearly $2.5 billion in inflows over the last five trading days and maintaining a 17-day streak without outflows. The accumulation followed a 4% increase in the BTC price at the beginning of May, reaching a six-week high of $97,700 on May 2 before retreating to $94,000. Spot Bitcoin ETFs in the US have become a nearly $110 billion category, despite significant regulatory hurdles.

Metric	Value
BTC bought by US ETFs (last week)	18,644
BTC mined (last week)	3,150
Daily BTC mined	450
Total ETF inflows (5 days)	$1.8 billion
IBIT inflows (5 days)	$2.5 billion
Spot Bitcoin ETF market size	~$110 billion

BTC price peaked at $97,700 on May 2, then fell to $94,000.
Only one day of net outflows since April 16.
More than 70 US crypto ETFs await SEC decisions in 2024.

"Spot-Bitcoin-ETFs have become an almost $110 billion category, although they face significant hurdles," said ETF Store President Nate Geraci.

Summary: US Bitcoin ETFs are accumulating Bitcoin at a rate far exceeding new supply, with BlackRock’s IBIT leading inflows and the sector reaching a $110 billion market size. (Source: Cointelegraph)

MicroStrategy: Doubling Down on Bitcoin Purchases

BTC Echo reports that MicroStrategy, led by Michael Saylor, is the world’s largest corporate Bitcoin holder with 555,450 BTC. The company has accelerated its accumulation, acquiring 109,050 BTC worth $10 billion since the beginning of the year. Saylor’s new plan, dubbed the "42/42 Plan," aims to allocate $84 billion for additional Bitcoin purchases, doubling the previous "21/21 Plan" target of $42 billion. This aggressive strategy positions MicroStrategy as a dominant force in both the crypto and traditional finance sectors.

MicroStrategy currently holds 555,450 BTC.
109,050 BTC ($10 billion) acquired since the start of the year.
New target: $84 billion for future Bitcoin purchases.

Summary: MicroStrategy is intensifying its Bitcoin acquisition strategy, aiming to invest $84 billion and further solidify its position as the largest corporate Bitcoin holder. (Source: BTC Echo)

MARA Holdings: Hashrate Growth and Strategic Developments

According to Investing.com Deutsch, MARA Holdings (NASDAQ: MARA) reported a 5.5% increase in energized hash rate to 57.3 EH/s in April 2025, despite a 15% month-over-month decline in blocks mined. The company’s Bitcoin holdings rose to 48,237 BTC, as no coins were sold in April. MARA maintains a strong liquidity position with a current ratio of 4.94. CEO Fred Thiel cited the second-largest monthly increase in global hash rate and an 8% rise in mining difficulty since March as production challenges, but highlighted the expansion of the Ohio datacenter by 50 MW (now 100 MW, scalable to 200 MW) and the installation of over 12,000 S21 Pro miners.

MARA’s 25 MW gas-to-power operations in North Dakota and Texas are now fully energized, representing the company’s most cost-effective sites for BTC mining and contributing to methane emission reduction. The company is focused on becoming a vertically integrated digital energy and infrastructure provider, aiming for greater operational control and cost efficiency. MARA also announced a new at-the-market offering program that could raise up to $2 billion, replacing a previous $1.5 billion cap, raising concerns about potential share dilution. H.C. Wainwright reaffirmed its buy rating with a $28 price target, citing MARA’s strategic initiatives to lower energy costs and improve efficiency.

April 2025	Change
Hashrate: 57.3 EH/s	+5.5%
BTC held: 48,237	Increased, no sales
Current ratio: 4.94	Strong liquidity
Ohio datacenter: 100 MW	+50 MW, scalable to 200 MW
Gas-to-power: 25 MW	Fully energized
ATM offering: $2B	Replaces $1.5B cap
Price target: $28	H.C. Wainwright

Vertically integrated digital energy strategy
Concerns about share dilution with new ATM program
Recent auditor change to PricewaterhouseCoopers LLP

Summary: MARA Holdings continues to expand its mining capacity and infrastructure, focusing on cost efficiency and vertical integration, while navigating challenges from rising global hash rate and mining difficulty. (Source: Investing.com Deutsch)

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