MARA Holdings and Riot Platforms are experiencing stock declines due to increased energy costs and doubts about their AI strategies. MARA's stock has fallen 31% over the past year and 80% over five years. The company's energy costs per Bitcoin have risen significantly, exacerbated by geopolitical tensions. MARA is pursuing diversification through an acquisition of Exaion and a joint initiative with MPLX to develop data centers. The aim is to achieve 50% of revenue from international operations by 2028, reducing reliance on domestic energy markets.
"MARA Holdings reported that its purchased energy cost per Bitcoin rose from $32,433 to $39,235, reflecting a global hashrate that climbed 66% year-over-year, making each bitcoin harder and more expensive to mine."
"MARA Holdings does have a genuine diversification story in progress, with a planned acquisition of a roughly 64% stake in Exaion, signaling a push toward lower-cost, internationally diversified energy."
"The goal is to reach 50% of revenue from international operations by 2028, reducing the company's dependence on volatile domestic energy markets."
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