HIVE and MARA Mine More Bitcoin but Earn Less as Prices Fall

HIVE Digital Technologies and MARA Holdings increased Bitcoin production in the September quarter compared with a year earlier, but falling Bitcoin prices contributed to lower mining revenue. According to Cointelegraph, HIVE mined 1,070 Bitcoin, up 49%, while its mining revenue declined 7.4% to $76 million. MARA produced 2,247 Bitcoin, a 5% increase, but mining revenue fell 34% to $159 million. Both companies also faced higher energy and equipment costs: HIVE’s electricity expenses rose 20% to $45.6 million, and MARA’s purchased energy costs increased 12% to $48.1 million as it expanded owned mining operations. HIVE recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics,” while MARA wrote off $12 million related to mining rigs and equipment under restructuring plans. The results add to pressure across the sector. American Bitcoin reported weaker mining margins last week despite a treasury-driven quarterly profit, and Core Scientific said it plans to exit mining entirely by year-end. HIVE and MARA are continuing to invest in artificial intelligence and high-performance computing alongside Bitcoin mining. HIVE’s HPC hosting revenue rose 71% to $8.8 million in the September quarter, or 10.4% of total revenue. It anticipates spending up to $493 million over 36 months on HPC expansion and had spent $145.3 million as of its filing. The plans include about $35 million to convert its Toronto facility into a Tier-III data center, while its mining expansion includes a targeted 100-megawatt substation addition at its Yguazú site in Paraguay during 2026. MARA is developing AI infrastructure through Exaion and a partnership with Starwood Digital Ventures, and said it intends to operate sites that can shift workloads based on economics, demand and grid conditions. HIVE reported fiscal second-quarter revenue of $84.9 million, down 2.7% year over year but above the $79.4 million consensus estimate. MARA recorded $634.4 million in net income attributable to common stockholders, compared with $123.1 million a year earlier, including substantial fair-value gains on digital assets and receivables. Its quarterly revenue fell 35% to $164.2 million, while diluted earnings increased to $1.28 per share from 27 cents.