HIVE, MARA mine more Bitcoin but earn less as crypto prices fall
Both miners reported higher Bitcoin production but lower mining revenue and rising electricity costs as they expanded their AI infrastructure businesses.
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.
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.