Bitcoin mining company Mara (MARA) posted a net loss of $611.3 million in the second quarter, swinging to a loss. Cointelegraph reported on Thursday that quarterly bitcoin production was the highest in more than a year, but results deteriorated as the average bitcoin price fell 28 percent.

Mara's 10-Q filing with the U.S. Securities and Exchange Commission showed the second-quarter net loss was $1.60 per diluted share. In the same period a year earlier, it posted net profit of $808.2 million, or $1.84 per diluted share. The company mined 2,422 bitcoin in the second quarter, up 3 percent from a year earlier, but the impact of the price drop outweighed the production increase.

Chief Financial Officer Salman Khan (살만 칸) said in the earnings release that bitcoin prices made the revenue environment difficult, and that it focused in the same period on fundamentally changing its power portfolio and capital structure.

Mara held 35,577 bitcoin as of June 30. Its fair value was $2.1 billion, the fourth-largest among listed companies after Strategy, Twenty One Capital and Metaplanet.

The company is also pushing to expand artificial intelligence and high-performance computing infrastructure alongside its mining business. In February, it acquired a majority stake in Exaion SaS, which operates HPC data centers, a secure cloud and AI infrastructure. In the same month, it said it would work with Starwood Capital Group and Starwood Digital Ventures to convert some sites to meet demand from enterprise, hyperscale and AI customers.

Mara set a target of signing at least 2 AI and HPC leasing contracts by year-end. Chief Executive Officer Fred Thiel (프레드 틸) said it is holding lease talks at several sites and expects to sign at least 2 contracts before year-end.

In July, it decided to acquire a 1,200-acre power site in Matagorda County, Texas. The site is expected to secure up to 2 gigawatts of grid capacity by April 2028. Mara plans to use the site for both bitcoin mining and AI and HPC work. It is also in the process of acquiring Ohio's Long Ridge Energy and Power, a deal valued at $1.5 billion.

Mara stressed that bitcoin mining remains its core business. In a shareholder letter, Thiel said bitcoin mining will continue to generate the cash flow needed for other investments and that it does not view bitcoin mining and AI infrastructure as competing businesses.