MARA Holdings keeps energy costs low and shifts to AI infrastructure with Long Ridge acquisition.

MARA Holdings maintains a sector-leading energy cost of $0.04 per kWh for its Bitcoin mining sites, crucial for competitiveness. Despite a rise in total cost per Bitcoin to $40,047 in Q1 2026 due to global hashrate growth, MARA's energy cost discipline remains strong. The company is diversifying by acquiring Long Ridge Energy & Power, gaining a 505 MW gas asset with potential expansion beyond 1 GW to support AI data centers. This strategic pivot aims to reduce reliance on volatile Bitcoin mining while maintaining industry leadership.