MARA (formerly Marathon Digital Holdings) is primarily a Bitcoin miner, operating roughly 490,000 ASIC mining rigs across 18 data centers on four continents. MARA earns bitcoin by deploying computing power (hashrate) to validate Bitcoin transactions, with its share of rewards proportional to its share of the global network hashrate. Bitcoin mining drives essentially all current revenue. Beyond mining, MARA holds roughly 53,822 bitcoin on its balance sheet, which it actively manages by lending to third parties for interest, pledging as collateral for borrowings, and using in structured trading strategies. MARA's core profitability is driven by bitcoin price, energy cost, network difficulty, and periodic halving events that cut block rewards roughly every four years. MARA's strategic response to these economics is vertical integration — owning wind farms, flare gas power generation, and data center sites (roughly 70% of capacity is owned or operated) rather than buying grid-attached energy, with the goal of achieving near-zero marginal energy cost. MARA also holds a minority stake in Auradine, a U.S.-based ASIC manufacturer, reducing supply chain exposure. Beyond mining, MARA is in the early stages of building AI inference and HPC infrastructure, having acquired a majority stake in Exaion, a French private cloud operator, and announced a joint venture with Starwood Digital Ventures targeting hyperscale AI/HPC capacity, though neither has generated material revenue yet.