Marathon Digital Holdings shares declined 34% year-to-date in 2026. The stock significantly underperformed Bitcoin during this period. Directly holding the cryptocurrency proved more profitable than owning mining company shares.
Operational pressures followed the April 2024 Bitcoin halving event. Energy costs at Texas facilities increased 12% year-over-year. The company now spends approximately $43,000 to mine a single bitcoin. Thin profit margins continue to challenge the business and weigh on shareholder value.