We break down how MARA uses scale, site control, and a deep Bitcoin treasury to pivot from pure mining toward high margin compute. The story centers on power: owning it, pricing it, and routing it to wherever returns are highest, from blocks to inference.

• Bitcoin price holding near 87k and supply dynamics
• 2025 miner returns and why MARA underperformed
• 60+ EH capacity, 18 sites, 19 J/TH efficiency
• Granbury flagship, modular designs, onsite repair
• HODL growth and treasury value vs market cap
• Capital levers: BTC-backed loans and zero-coupon converts
• HPC AI strategy with inference focus and grid limits
• Ownership vs hosting, path to 100% site control
• XAEON stake to enter European Tier III/IV markets
• West Texas energy-to-compute plan with MPLX
• Texas wind farm economics and zero-marginal energy
• Four reasons to watch MARA in 2026

Enter Miner Madness 5.0 before December 31: pick your top three miners and a March 31 Bitcoin price tiebreaker. Visit the Power Mining Analysis website, check the MARA news page, and sign up for our newsletter to get the registration form sent to your inbox!

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