Core

Cipher

Bitcoin

The Bitcoin mining industry is in the middle of an identity crisis. With shrinking margins&nbsp; thanks to halving, soaring energy costs, geopolitical uncertainty, and intensifying competition, major miners are quietly reinventing themselves as AI and high-performance computing infrastructure companies.&nbsp;
Firms like <a href="https://www.thestreet.com/crypto/business/jpmorgan-morgan-stanley-provide-1b-credit-to-bitcoin-miner" rel="noopener noreferrer nofollow">Core Scientific</a> (NASDAQ: CORZ), <a href="https://www.thestreet.com/crypto/markets/analysts-slash-bitcoin-miners-price-targets-after-disappointing-q3" rel="noopener noreferrer nofollow">Riot Platforms </a>(NASDAQ: RIOT), and <a href="https://www.thestreet.com/crypto/markets/crypto-stock-surges-after-new-bitcoin-mining-deal" rel="noopener noreferrer nofollow">Cipher Mining</a> (NASDAQ: CIFR)&nbsp;have all announced pivots toward leasing data centre capacity to AI operators.&nbsp;
It gives a higher-margin, more predictable revenue stream than mining ever offered. Bitcoin miner MARA Holdings (NASDAQ: MARA) is watching that shift closely, and its latest moves suggest it is clearing the decks to follow suit.
But the strategic pivot is coming at a human cost.
<a href="https://www.thestreet.com/crypto/markets/bitcoin-mining-stocks-in-focus-as-strategic-focus-shifts-toward-ai" rel="noopener noreferrer nofollow">Related: Bitcoin mining stocks in focus as strategic focus shifts toward AI</a>
<h2 id="a-billion-in-bitcoin-sold-hundreds-of-jobs-cut">A billion in Bitcoin sold, hundreds of jobs cut</h2>
On April 3,&nbsp;<a href="https://x.com/blockspace/status/2039804180999848146?s=20" rel="noopener noreferrer nofollow">reports</a> began circulating that MARA is laying off approximately 15% of its workforce across multiple departments, with reductions being implemented in phases.&nbsp;
Affected employees will reportedly receive one month of paid leave through April 30, 13 weeks of severance pay, and accrued PTO, a relatively generous package for an industry not known for its cushioning. 
A spokesperson for MARA confirmed the reports and told&nbsp;TheStreet <a rel="noopener noreferrer nofollow">Roundtable</a>,
<blockquote>
 "MARA remains focused on executing our strategic evolution from a pure-play Bitcoin miner into an energy and digital infrastructure company. As our company evolves, so too must our operations and where we focus our resources. With this in mind, as part of our broader growth strategy, we made the difficult but necessary decision to reduce our team by approximately 15%. We are committed to supporting impacted employees through this transition and thank them for their significant contributions to the Company.”
</blockquote>
The cuts arrive just days after the company reported selling a big portion of its Bitcoin holdings.&nbsp;
Between March 4 and March 25, the company <a href="https://www.thestreet.com/crypto/markets/popular-crypto-stock-rises-after-bitcoin-sale-of-1-1-billion" rel="noopener noreferrer nofollow">offloaded</a> 15,133 BTC for approximately $1.1 billion, using the bulk of the proceeds to repurchase around $1 billion of its 0% convertible senior notes due in 2030 and 2031.&nbsp;
<blockquote>
 "This transaction enhances financial flexibility and increases strategic optionality as we expand beyond pure-play bitcoin mining into digital energy and AI/HPC infrastructure,” said Fred Thiel, MARA’s chairman and CEO.
</blockquote>
The debt reduction strengthens the balance sheet on paper. But it also slashed MARA's Bitcoin treasury by roughly 28%, a striking departure for a company that built its brand on accumulating the asset rather than selling it.
As of April 3, MARA <a href="https://bitcointreasuries.net/public-companies/mara" rel="noopener noreferrer nofollow">holds</a>&nbsp;38,689 BTC.&nbsp;
<h3 id="more-news">More News:</h3>
<ul>
 <li><a href="https://www.thestreet.com/crypto/markets/goldman-sachs-predicts-new-low-for-bitcoin" rel="noopener noreferrer nofollow">Goldman Sachs predicts new low for gold</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/another-exchange-gets-hacked-for-200m" rel="noopener noreferrer nofollow">Another exchange hit by $270M hack, suspends withdrawals</a></li>
 <li><a href="https://www.thestreet.com/crypto/policy/us-state-pushes-for-crypto-tax-exemption" rel="noopener noreferrer nofollow">U.S. state pushes for crypto tax exemption</a></li>
</ul>
<h2 id="the-numbers-behind-the-pivot">The numbers behind the pivot</h2>
The financial pressure driving these decisions is stark. MARA <a href="https://www.thestreet.com/crypto/markets/veteran-analyst-cuts-price-target-on-top-bitcoin-miner-by-44" rel="noopener noreferrer nofollow">reported</a> a loss of approximately&nbsp;staggering $1.7 billion in&nbsp;the fourth quarter alone of 2025, largely driven by non-cash fair-value impairments on its digital asset holdings.&nbsp;
Revenue for the quarter fell to $202 million, down roughly 6% year-over-year despite higher hashrate, underscoring the brutal economics of mining in the current environment.
MARA stock closed&nbsp;8.33% higher at $8.71&nbsp;on April 2. Bitcoin, meanwhile, was trading at&nbsp;$66,697.79 after an increase of 1.1% in the past 24 hours.
<a href="https://www.thestreet.com/crypto/innovation/how-the-bitcoin-mining-game-has-evolved" rel="noopener noreferrer nofollow">Related: How the bitcoin mining game has evolved</a>

Popular miner lays off 15% of staff days after selling $1.1 billion in Bitcoin

Table of Contents

TheStreet Roundtable

Other articles published on Apr 3, 2026

Join our free newsletter for daily crypto updates!