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Listed miner still expanding hashrate with only smaller compute-service revenue contributions.
A Bitcoin-mining chip designer has rebranded as an AI silicon IP vendor, and the pitch it raised on is power per matrix multiply rather than peak performance.
Reality
San Francisco's Mara raised $7 million for a tube-launched interceptor weighing 250 grams, on the argument that fiber-spooled and self-navigating FPV drones have made jamming unreliable enough that buyers now shop on cost per kill.
Reality
The company that vowed never to sell has taken $432.5 million out of its own reserve since May, and the dollars now sit in two accounts, one ring-fenced for dividends and interest, the other still free to buy bitcoin.
Reality
Mara's pre-seed round buys the same number of shots as 35 Anduril Roadrunner-M interceptors. The pitch is that cheap FPV attacks require an equally cheap magazine.
Reality
The listed cohort's realized hashrate fell 13.4 percent in six months against a 10.6 percent network decline. Two of its members now earn most of their revenue from something other than mining.
Reality