MARA Cuts 15% of Workforce and Sells Over $1B in Bitcoin Amid Mining Industry Turmoil

Bitcoin mining company MARA Holdings is undergoing a significant restructuring, announcing layoffs affecting 15% of its workforce shortly after offloading 15,133 Bitcoin for approximately $1.1 billion ^[1].

CEO Fred Thiel framed the cuts not as a cost-saving measure but as part of a deliberate strategic shift, with the company aiming to reposition itself as an energy and infrastructure firm while expanding into new business areas ^[1].

The move reflects a broader profitability crisis gripping the mining industry. According to a CoinShares report, the average cost to produce a single Bitcoin reached $80,000 by late 2025 — well above current spot prices — effectively wiping out margins for many operators ^[1].

MARA is far from alone in pivoting away from pure-play mining. Rivals Riot Platforms and Cango have also sold substantial portions of their Bitcoin holdings, redirecting attention toward artificial intelligence and high-performance computing. Bitfarms has reportedly gone further, planning to liquidate its entire BTC reserves ^[1].

The financial strain is visible in equity markets as well. MARA's stock has shed 57% of its value over the past six months, currently trading at just $8.71 ^[1]. As the economics of traditional Bitcoin mining deteriorate, the industry faces a fundamental transformation — with the eventual winners and losers yet to be determined.