The operating question in MARA’s third-quarter 2026 results is whether higher energized hashrate showed up as more bitcoin and more revenue, and how much of the profit line sits with the bitcoin treasury rather than with a disclosed mining-cost result.
BlockBeats reported this on November 10, 2026 (flash published at 08:17 UTC+8). The figures below are MARA’s own results as relayed in that report, not network-wide hashrate, difficulty, or hashprice.
Output and revenue
In the quarter, MARA mined 2,247 BTC, up 5% from a year earlier. Energized hashrate rose 18% year over year to 71.2 EH/s.
Revenue moved the other way: down 35% year over year to $164 million. The report does not split that revenue into power, other running costs, or a hashprice input, and it does not separate capital spending from operating cost, so no mining margin is calculated here.
Net profit rose from $123 million in the year-earlier quarter to $632 million. The same report says the bitcoin price was about 43% higher than at the end of the second quarter, and that fair-value changes on MARA’s bitcoin holdings are recognized in current-period profit and loss. It does not publish a bridge from operating results to that net-profit figure.
Holdings at the end of September
As of the end of September 2026, MARA held 34,012 BTC, 36% fewer than a year earlier. BlockBeats attributes most of that decline to bitcoin sales in the first half of the year. Part of those proceeds was used to repurchase convertible bonds and repay credit. The report does not give the size of those earlier sales, the repurchase amount, or the credit balance repaid.
October sale, after the quarter
In October 2026, MARA sold a further 13,597 BTC at an average price of about $81,039, raising about $1.1 billion. The proceeds were used to repay in full a $750 million bitcoin-backed loan and to release 17,477 BTC that had been pledged as collateral. The report does not state what was done with the remainder of the proceeds after that repayment.
Original report: BlockBeats, November 10, 2026.
