Comparing hash rate expansion and production for MARA and RIOT

MARA Holdings reached an energized hash rate of 66.4 EH/s in the final quarter of 2025, which grew from 53.2 EH/s in the previous quarter. This computational growth helps the company manage its 53,822 Bitcoin treasury. The company manages a 1.9 gigawatt energy portfolio across 19 data centers and maintains a 4.8 GW land pipeline. MARA doubled its NGL gas-to-power operations from 25 MW to 50 MW to convert flared gas into mining power. RIOT maintains 241 MW of contracted critical IT capacity at its Rockdale campus and holds 11,000 BTC in its reserve. RIOT also holds 2 GW of available power capacity. RIOT produced 495 BTC in November 2024, even as a 7% rise in network difficulty occurred. MARA produced 2,011 Bitcoin in the fourth quarter of 2025 and purchased another 1,670. Daily production for MARA averaged 21.9 Bitcoin in the fourth quarter of 2025, which is a decrease from the 27.1 Bitcoin average in the fourth quarter of 2024.

Divergent financials and AI expansion

The industry shift toward artificial intelligence and high-performance computing creates intense pressure on mining margins. MARA reported a $1.7 billion net loss for the fourth quarter of 2025 because a $1.5 billion non-cash digital asset fair value loss hit the balance sheet. The company now funnels capital into a joint venture with Starwood Digital Ventures to build 1 GW of near-term IT capacity with a pathway to 2.5 GW. You should examine the debt levels before choosing between these two mining giants. RIOT maintains a 25% debt-to-equity ratio, while MARA carries a 70% debt-to-equity ratio. MARA energy costs per Bitcoin reached $48,611 in the fourth quarter of 2025, which is significantly higher than the $31,608 rate in 2024. RIOT earnings growth reached 636.40% this year, whereas MARA saw its revenue decline by 26.7%. RIOT’s revenue grew 13.9% while MARA’s full-year 2025 revenue hit $907.1 million. RIOT’s stock increased 58.17% this year, whereas MARA’s stock increased 26%.

Comparing scale and momentum

MARA leads in revenue and profitability. The company reported trailing twelve-month revenue of $919 million and a net income of $927 million. RIOT reported trailing twelve-month revenue of $674.5 million and a net income of $164 million. RIOT holds a market capitalization of $7.6 billion, while MARA holds $4.4 billion. MARA trades at a trailing P/E ratio of 3.63, whereas RIOT trades at 31.33. RIOT’s price is $19.20, whereas MARA’s price is $9.25. RIOT’s revenue growth is 13.9% and its earnings growth is 636.40%, while MARA’s revenue growth is -26.7% and its earnings growth is 76.40%. RIOT manages 241 MW of capacity for its critical IT segment, while MARA’s full-year 2025 revenue increased 38% to $907.1 million from $656.4 million in 2024. The verdict is that MARA offers better value for those seeking profitability while RIOT leads in momentum and balance sheet stability. Will the Starwood partnership generate enough cash flow to offset the high cost of Bitcoin mining?