MARA no longer discloses its average mining cost directly, but it can be back-calculated from figures in its 10-Q. - Cost per petahash per day: $31.3 (cost to maintain 1 PH/s for 24 hours) - Avg. Bitcoin mined per day: 23.3 BTC - Avg. operational hash rate: 50.4 EH/s (50,400 PH/s) 50,400 × $31.3 ÷ 23.3 = $67,704 per BTC The "purchased energy costs per BTC" they disclose ($39,235 in Q3 2025 for owned sites) is an IR-friendly figure that isn't fully accurate, as it excludes other operating expenses.