MARA Holdings Ditches Bitcoin Mining for Profitable AI Data Center Alliance

MARA Holdings Transitions from Bitcoin Mining to AI Data Centers

MARA Holdings has announced a significant partnership with Starwood Capital Group, aiming to transform its existing mining sites into infrastructure for artificial intelligence and cloud computing. Following the announcement on February 26, the MARA stock surged approximately 17% in after-hours trading.

The collaboration targets a short-term IT capacity of about 1 gigawatt, with long-term potential exceeding 2.5 gigawatts. The facilities will be designed to switch between Bitcoin mining and AI applications based on market demand. MARA retains the option to hold up to 50% in the joint venture, sharing development costs and profits with Starwood.

"Our partnership with Starwood allows us to turn power planning certainty into capacity planning certainty," said MARA CEO Fred Thiel.

Despite a net loss of $1.7 billion in the fourth quarter, primarily due to unrealized losses on Bitcoin holdings, MARA is adapting to a trend where mining companies are leveraging their energy assets for AI applications. This strategic pivot reflects a broader industry shift as miners seek to monetize their access to substantial energy capacities.

Key Takeaways:

MARA's partnership with Starwood aims for a 2.5 GW capacity in AI data centers.
The company reported a net loss of $1.7 billion in Q4 2025.

HIVE Digital Technologies: A Bet on Bitcoin Rally or Risk?

HIVE Digital Technologies has seen its stock react strongly to Bitcoin price movements, but it does not move in lockstep with the cryptocurrency. The company, which has rebranded from HIVE Blockchain to HIVE Digital, aims to position itself as a provider of high-performance computing and AI infrastructure.

Investors are cautioned that HIVE is a highly volatile stock, influenced by Bitcoin's performance and rising energy costs. The company is focusing on expanding its Bitcoin mining capacity while also shifting towards AI and HPC applications, which could provide more stable revenue streams.

HIVE's stock is accessible to German investors through foreign exchanges, but it carries additional currency risk against the Euro. Currently, HIVE does not pay dividends, making it a speculative investment primarily driven by stock price movements.

Key Takeaways:

HIVE Digital Technologies is transitioning towards AI and HPC applications.
The stock is highly volatile and does not pay dividends.

MARA Reports $1.7 Billion Loss Amid Bitcoin Price Decline

MARA Holdings reported a net loss of $1.71 billion for Q4 2025, a stark contrast to a profit of $528 million the previous year. This downturn is attributed to a significant drop in Bitcoin prices, which fell from approximately $114,300 to $88,800 during the quarter.

The company's revenue decreased by 6% to $202 million, and it mined 2,011 Bitcoin, down 6% from the previous quarter. Despite holding 53,822 Bitcoin at year-end, the decline in Bitcoin's market value led to a $1.5 billion impairment on digital assets.

Key Takeaways:

MARA's Q4 2025 net loss was $1.71 billion due to Bitcoin price declines.
The company mined 2,011 Bitcoin in Q4, a decrease from the previous quarter.

TeraWulf's Q4 Earnings Miss Expectations Due to Declining Mining Revenues

TeraWulf Inc. reported a revenue of $35.8 million for Q4 2025, falling short of analysts' expectations of $44.1 million. The decline was primarily due to lower Bitcoin production and falling Bitcoin prices, which made mining less profitable.

The company’s earnings per share (EPS) showed a loss of $1.66, exceeding the anticipated loss. TeraWulf is focusing on expanding its infrastructure for AI and HPC, with contracts worth over $12.8 billion secured for future growth.

Key Takeaways:

TeraWulf's Q4 revenue was $35.8 million, below expectations.
The company is pivoting towards AI and HPC infrastructure for future growth.

Engie's Solar-Powered Bitcoin Mining Strategy in Brazil

Engie SA plans to utilize excess electricity from its 895 MW solar power plant in Brazil for Bitcoin mining. This innovative approach aims to enhance profitability by converting surplus renewable energy into mining revenue.

The strategy not only maximizes the efficiency of the solar plant but also positions Engie as a leader in integrating renewable energy with digital asset operations. Following this announcement, Engie's stock reached a 52-week high, and the company raised its net profit forecast for 2026 to between €4.6 billion and €5.2 billion.

Key Takeaways:

Engie will use excess solar energy for Bitcoin mining in Brazil.
The company raised its profit forecast for 2026 to €4.6-5.2 billion.

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