tags. Use H2 for sections. No "Key Takeaways" etc. Let's craft. Lead: "MARA Holdings and CleanSpark together lost $851.1 million in the latest quarter, with about $459 million of that tied to mark-to-market declines on Bitcoin holdings. The losses reverse year-ago profits for both companies and show how much the sector's fortunes hinge on the price of the asset they mine." Then sections: "Huge losses, smaller revenue" - describe MARA's numbers, CleanSpark's numbers, stock moves. "Bitcoin markdowns hit hard" - explain the fair-value losses. "The AI pivot" - discuss CleanSpark's lease, TeraWulf's Anthropic lease, Core Scientific's AMD deal, and Fred Thiel's quote. "What's next" - mention Hut 8 loss, and that miners are betting on power infrastructure. End with: "The next few quarters will show whether those leases and partnerships can offset the volatility of Bitcoin itself." Or something. Make sure to use contractions, vary sentence length. Now, let's write the JSON. Ensure content is valid HTML inside .
