HIVE, MARA mine more Bitcoin but earn less as crypto prices fall

HIVE Digital Technologies and MARA Holdings mined more Bitcoin in the September quarter than a year earlier but reported lower mining revenue, as weaker Bitcoin prices outweighed gains in production.

According to their latest regulatory filings, HIVE’s Bitcoin production increased 49% to 1,070 Bitcoin ($BTC), while mining revenue fell 7.4% to $76 million. MARA reported a similar pattern, with production rising 5% to 2,247 $BTC and Bitcoin mining revenue dropping 34% to $159 million.

Both companies reported higher power bills and equipment charges. HIVE’s electricity costs rose 20% to $45.6 million, while MARA’s purchased energy costs increased 12% to $48.1 million as it expanded its owned mining operations.

HIVE also recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics,” while MARA separately wrote off $12 million involving mining rigs and equipment under restructuring plans.

Both results add to signs of pressure on Bitcoin mining economics. American Bitcoin last week reported weaker mining margins despite a treasury-driven quarterly profit, while Core Scientific said it plans to leave mining entirely by year-end.

HIVE and MARA expand AI businesses alongside mining

Unlike Core Scientific, HIVE and MARA are both continuing to invest in Bitcoin mining alongside artificial intelligence and high-performance computing.

HIVE’s HPC hosting revenue rose 71% to $8.8 million in the September quarter, accounting for 10.4% of total revenue. The company has described its strategy as combining cash flow from mining with recurring revenue from AI infrastructure.

HIVE said it anticipates spending up to $493 million over 36 months to expand its HPC operations, including acquiring land, building out data center infrastructure and buying up GPUs. The company reported spending $145.3 million toward that expansion as of the filing.

HIVE also plans to spend about $35 million converting its Toronto facility into a Tier-III data center. Meanwhile, it continues to expand its mining infrastructure, targeting a 100-megawatt substation expansion at its Yguazú site in Paraguay during 2026.

MARA is also developing AI infrastructure through its Exaion subsidiary and a partnership with Starwood Digital Ventures. It said it intends to operate sites that can shift between workloads depending on economics, demand and grid conditions, with Bitcoin mining remaining the foundation of its platform.

Treasury gains lift MARA profit, HIVE reports quarterly loss

HIVE’s Nasdaq-listed shares fell 1.7% to $1.78 in after-hours trading Monday, according to Google Finance, after closing the regular session up 1.7% at $1.81.

The company reported fiscal second-quarter revenue of $84.9 million, down 2.7% from a year earlier but above the $79.4 million consensus estimate listed by MarketBeat.

Meanwhile, MARA reported net income attributable to common stockholders of $634.4 million, up from $123.1 million a year earlier, and included substantial fair-value gains on digital assets and digital asset receivables.

MARA reported quarterly revenue of $164.2 million, down 35% year-on-year, and diluted earnings of $1.28 a share, up from 27 cents, while its shares were little changed at $6.64 in after-hours trading Monday after closing up 4.6%.