MARA Cuts Workforce by 15% After Major Bitcoin Sale
- Bitcoin miner MARA reduced its workforce by approximately 15% amid a strategic shift towards AI.
- The layoffs occurred after MARA sold $1.1 billion worth of Bitcoin, equivalent to about 15,000 BTC.
- MARA’s stock rose over 8% on Thursday but has decreased by about 53% over the past six months.
- The company is pivoting towards AI data centers, highlighted by partnerships with Starwood Digital Ventures and Exaion.
MARA’s decision to cut its workforce follows a significant Bitcoin sale, which was part of a broader strategy to transition from pure mining operations to focusing on energy and digital infrastructure for AI computing needs.
This strategic realignment reflects a growing trend among crypto firms like Riot Platforms and Cango, which are also selling their Bitcoin reserves to invest in AI technologies.(Source)
