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Bitcoin miner Marathon Digital (MARA) reported a $1.71 billion quarterly loss driven by fair-value adjustments from Bitcoin's price decline. The company attributed the loss to a 65% drop in Bitcoin's value since October 2023, which reduced the carrying value of its mining assets. MARA announced plans to pivot toward AI and high-performance computing, signaling a strategic shift amid crypto market volatility. The loss highlights the vulnerability of crypto miners to Bitcoin price swings, potentially deterring institutional investment in the sector. Market participants are now assessing whether MARA's AI transition can offset its crypto-related challenges.
