MARA Holdings
Compare MARA Holdings…Largest US public Bitcoin miner by self-mining hashrate. Vertically integrated with energy assets, expanding into HPC hosting.
SectorsCrypto
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MARA HoldingsLargest US public Bitcoin miner by self-mining hashrate. Vertically integrated with energy assets, expanding into HPC hosting.
| Site | Location | Ownership | MW Capacity | Hashrate (EH/s) | Energy Source | |
|---|---|---|---|---|---|---|
| Granbury (MARA Spur) | Granbury TX | Owned (acquired 2024) | 200 MW | 9.5 | ERCOT grid; wind + gas mix | |
| Garden City | Garden City TX | Owned | 280 MW | 13.0 | ERCOT grid; renewables-heavy | |
| Kearney | Kearney NE | Owned | 100 MW | 5.0 | NE Public Power District; nuclear + wind | |
| Ohio sites (multiple) | Ohio (multiple) | Owned via Hut 8 + ApLD legacy hosting | 150 MW combined | 7.0 combined | AEP grid; gas + nuclear | |
| Long Ridge Energy | Hannibal OH | Owned (acquired Q1 2026 for ~$1.5B BTC + cash) | 485 MW gas + 24 MW BTC mining (initial) | 1.2 (initial; scaling) | Owned gas power generation (vertically integrated) | |
| Hosted sites (legacy) | Multiple US states | Hosted (rationalized over 2024-2025) | ~100 MW (declining) | ~5.0 declining | Various | |
| MARA fleet total | Multi-state US fleet | Mix of owned + hosted | ~1,300 MW total | ~40+ EH/s self-mining | Mostly ERCOT + AEP + Nebraska + owned gas | |
| Editorial. Why this matters | Strategic context | MARA's Long Ridge acquisition was the marquee 2026 strategic shift: pivot from hosted/mixed model to vertically integrated owned-power-generation. The $1.5B BTC sale to fund the deal broke the 'miner-as-HODL' thesis. Marquee question: does fleet PUE improve toward 1.05-1.10 + does Long Ridge integrated gas-power scale to ~485 MW BTC mining by FY2027, validating the new model? |
2021-Q2-2026-Q1
2012-2025
$MARA
Largest US public Bitcoin miner by self-mining hashrate. Vertically integrated with energy assets and expanding into HPC hosting.