Bitcoin mining's "Big Four" face intense scrutiny as Riot and Mara release Q2 earnings with mixed market reactions, revealing stark differences in operational efficiency and mining costs between industry leaders. Our comprehensive analysis suggests IREN achieves the lowest cost structure at approximately $45,000 per Bitcoin, while Mara and Riot operate at significantly higher costs around $72,000-$73,000 per coin.

• Riot's quarterly earnings show 1,426 Bitcoin produced but faced a significant stock drop of 17%
• Mara reported substantial Bitcoin holdings but struggles with current liabilities exceeding current assets
• Comparing mining costs reveals IREN potentially leads with 54.3% operating margins versus Riot/Mara at 27%
• Executive compensation practices drawing increased criticism from Wall Street and retail investors alike
• Riot announces plans to reduce stock-based compensation beginning mid-2026
• Bitcoin price pullback to $114,000 range brings pressure on mining stocks despite positive regulatory developments
• Industry hash rate growth showing signs of flattening as miners shift focus to HPC applications
• CleanSpark announces new hardware purchase from Canaan, diversifying away from primarily Bitmain machines

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