Earnings are in: MARA, CleanSpark, and Cloudflare report

Bitcoin Markdowns Weigh on Miners

Two of the largest publicly listed Bitcoin miners reported steep quarterly losses on August 6, as falling asset valuations and softer mining revenue combined to pressure their books.

@MARA swung to a $611 million Q2 net loss, with revenue coming in at $174.9 million, well below the $204 million analyst consensus, according to CoinDesk. A $343 million Bitcoin markdown drove much of the damage, and revenue fell 27% year-over-year. The company mined 2,422 $BTC during the quarter, up 3% from a year ago, and increased its energized hashrate 22% to 70.3 EH/s, though large unrealized losses on its Bitcoin holdings overshadowed that modest operational progress. The miner sold nearly every coin it produced during the period and is now leaning into AI infrastructure, adding rights to a 2 GW site in Texas.

@CleanSpark_Inc reported its own difficult quarter. Fiscal third-quarter revenue fell 30.5% from a year earlier to $138 million, while the company recorded a $239.8 million net loss. The results cover the quarter ended June 30.

Data Center Pivots Take Center Stage

Both miners are betting that data center infrastructure can reduce their dependence on volatile mining economics. For CleanSpark, the strategic pivot took a concrete form in July. The company entered into a 20-year infrastructure lease agreement with an undisclosed global technology company for its Sandersville, Georgia data center campus. The triple-net lease is expected to generate approximately $6.6 billion in contracted revenue over the initial 20-year term, with potential revenue reaching $11.6 billion if two five-year extension options are exercised. The tenant also executed a letter of intent and exclusivity arrangement covering CleanSpark's entire Texas portfolio of 718 acres with up to 885 MW of secured and planned power capacity.

MARA is pursuing a similar direction, with management pointing to energy-backed data infrastructure as a longer-term growth driver alongside its core mining business.

@Cloudflare offered a sharp contrast to the mining sector's struggles. The network infrastructure company posted $696.1 million in Q2 revenue, representing 36% year-over-year growth. CEO Matthew Prince framed the company as the "payment rails for the Agentic Internet," positioning Cloudflare at the intersection of AI agent commerce and crypto payments.

Together, the three reports capture a broader shift underway in digital infrastructure: miners are diversifying away from pure Bitcoin dependency, while tech platforms are moving to embed themselves in the emerging architecture of AI-driven transactions.

Sources:
CoinDesk: MARA Q2 2026 Earnings Live Updates
PR Newswire: CleanSpark Sandersville Lease Announcement
Blockspace: CleanSpark Q3 FY2026 Earnings