Bitcoin miner MARA Holdings has officially acquired a 64% majority stake in French computing infrastructure company Exaion, marking a major step in its expansion beyond crypto mining and into artificial intelligence (AI) and cloud services.
The deal, first announced in August 2025 with EDF Pulse Ventures, was finalized after securing the necessary regulatory approvals. As part of the agreement, French energy giant EDF will remain a minority shareholder in Exaion and continue as a key customer.
The transaction also includes a strategic partnership with NJJ Capital, the investment firm of French telecom entrepreneur Xavier Niel. NJJ Capital will acquire a 10% stake in MARA France, strengthening collaboration between the companies. Both Niel and MARA CEO Fred Thiel will join Exaion’s board, alongside representatives from MARA and EDF.
MARA’s move reflects a broader transformation happening across the Bitcoin mining industry, as companies seek new revenue streams amid tightening margins.
Bitcoin Miners Shift Toward AI and Cloud Infrastructure
Bitcoin mining economics have become increasingly challenging. Following the 2024 Bitcoin halving, block rewards were cut in half, significantly reducing miners’ earnings. At the same time, rising network difficulty and higher energy costs have squeezed profit margins across the sector.
To adapt, many publicly traded mining firms are pivoting toward AI infrastructure, high-performance computing (HPC), and cloud services. Instead of relying solely on Bitcoin mining revenue, companies are adopting hybrid models—maintaining mining operations while converting existing facilities and power capacity into AI-focused data centers.
HIVE Digital Technologies is one example of this strategy. The company has reported resilient financial performance even during weaker Bitcoin price cycles, largely due to growth in its AI and cloud computing operations.
Similarly, CoreWeave transitioned from crypto mining to become a major AI infrastructure provider after GPU mining demand declined.
Other mining firms following this trend include TeraWulf, Hut 8, IREN, and MARA itself. These companies are increasingly repurposing mining facilities into AI-ready data centers to create more stable and diversified income streams.
In late 2025, CleanSpark announced plans to raise approximately $1.13 billion in net proceeds—potentially up to $1.28 billion—through a $1.15 billion senior convertible note offering. The funds are intended to expand both its Bitcoin mining and data center operations.
Bitcoin Mining Difficulty Surges 15%, Increasing Pressure on Operators
At the same time, Bitcoin mining difficulty has surged again, rising roughly 15% to 144.4 trillion. This rebound followed an 11% drop earlier in the month—the steepest decline since China’s 2021 mining ban.
The earlier decrease was largely attributed to severe winter storms across the United States that disrupted power grids and temporarily forced many mining operations offline, reducing overall hash rate.
While higher mining difficulty strengthens Bitcoin’s network security, it also means miners must use more computing power to validate new blocks. For operators already facing tighter margins after the halving, the increased difficulty adds another layer of financial pressure.
