What MARA Holdings, Inc. told the SEC could break it.

Electricity is the dominant operating cost of MARA's Bitcoin-mining fleet (owned and third-party hosted sites). The company quantifies the exposure: assuming 100% utilization of megawatt capacity for a full year, a hypothetical $10 per MWh change in the price of electricity would swing cash flows by approximately $115.2 million. Power-price spikes, grid constraints, or loss of low-cost power therefore materially affect mining margins — a core input-commodity dependence partially mitigated by owned generation (e.g., its acquired Texas wind farm) and demand-response/curtailment.

“Assuming 100% utilization of megawatt capacity at owned and third-party hosted sites for a full year, and excluding the impact of any derivative instruments, a hypothetical $10 per megawatt hour change in the price of electricity would cause cash flows to vary by approximately $115.2 million.”

MARA's growth depends on procuring large quantities of ASIC mining rigs, whose global supply is unpredictable and presently heavily dependent on manufacturers based in China. U.S.-China trade restrictions, tariffs (or their threat), national-security concerns, or outright bans on Chinese mining equipment could disrupt its supply chain, increase equipment costs and delay its growth plans; U.S. Customs (CBP) also has broad discretion over imports. MARA is partially de-risking through a strategic equity investment (and board seat) in U.S.-based ASIC maker Auradine, Inc. (~$85.4 million carrying value), but remains exposed to China-sourced hardware.

“The global supply of miners is unpredictable and presently heavily dependent on manufacturers based in China. Geopolitical matters, including the relationship between the United States and other countries and trade restrictions and tariffs (or the threat of trade restrictions or tariffs), may impact our ability to import miners or other equipment necessary for our operations. Restrictions or bans on mining equipment from China, whether due to trade restrictions, national security concerns or geopolitical tensions, could disrupt our supply chain, increase equipment costs and delay our growth plans.”