Bitcoin miner MARA Holdings (NASDAQ: MARA) has removed its Chief Technology Officer Ashu Swami from its management team page. Snapshots from the Internet Archives’s Wayback Machine show MARA listed Swami in the role as recently as September 19, 2025.
Multiple sources familiar with the matter confirmed that MARA and Swami parted ways this summer.
When Blockspace reached out for comment, MARA’s public relations team responded: “As a matter of policy, MARA does not comment on personnel matters.”
Swami joined MARA in January 2022 to oversee Bitcoin mining operations for the company. At the time, MARA was the largest Bitcoin miner by global hashrate and market capitalization.
Under Swami’s tenure, MARA’s hashrate ballooned to over 60 EH/s, but the miner’s energy efficiency and uptime have trailed its peers. Indeed, MARA’s realized hashrate in July – a measure for how much hashrate a miner utilizes out of its installed capacity – was 44.9 EH/s, or 74.6% of its potential capacity, per The Miner Mag.
MARA has come under increasing scrutiny from investors, with sentiment shifting away from the mining giant towards industry peers, particularly those establishing AI/HPC business lines. Once the dominant miner by market cap, rival IREN recently surpassed MARA’s valuation.
The mining giant has more recently entered into the AI/HPC game with the purchase of a majority stake in Exaion, a developer and operator for HPC sites that is a subsidiary of France’s national power company, EDF.
Read more: RIOT flips MARA, becomes second largest public Bitcoin miner
Swami was formerly served as the chief product officer of peer bitcoin miner Core Scientific (NASDAQ: CORZ) before joining MARA in 2022, and sources said that he was tapped for multiple projects, including the company’s cooling infrastructure kit 2PIC, a two-phase immersion containment solution MARA marketed heavily to both bitcoin miners and GPU operators.
MARA claimed that 2PIC was capable of overclocking Bitcoin miners (i.e., consuming more power to produce more computations above manufacturer specifications) by as much as 100% when it unveiled the unit in March 2024. However, no large sales of 2PIC have ever been reported.
MARA’s latest disclosure on the 2PIC states that a 30 MW pilot project was underway at an undisclosed location, as of May 2025.
