HIVE Digital Technologies and MARA Holdings both mined more Bitcoin in the September quarter than a year earlier. But weaker Bitcoin prices weighed on mining revenue. The filings show a simple split: output rose, sales value fell.
Production up, revenue down
HIVE mined 1,070 Bitcoin, up 49%, while mining revenue fell 7.4% to $76 million. MARA mined 2,247 Bitcoin, up 5%, and its Bitcoin mining revenue dropped 34% to $159 million. Same pattern, different scale.
Perhaps the clearest point is that more coins did not mean more mining revenue. Power bills also rose. HIVE’s electricity costs climbed 20% to $45.6 million. MARA’s purchased energy costs rose 12% to $48.1 million as it expanded owned mining operations. Those costs matter more when Bitcoin prices are soft. HIVE took a $31.2 million noncash write-down on mining equipment, citing depressed mining economics. MARA wrote off $12 million tied to mining rigs and equipment under restructuring plans.
Mining margins face pressure
The results add to signs of strain in Bitcoin mining economics. American Bitcoin recently reported weaker mining margins despite a treasury-driven quarterly profit. Core Scientific said it plans to leave mining entirely by year-end. HIVE and MARA are not following that path. Both continue to invest in Bitcoin mining while building AI and high-performance computing business lines.
HIVE’s HPC hosting revenue rose 71% to $8.8 million, or 10.4% of total revenue. The company says its plan combines cash flow from mining with recurring revenue from AI infrastructure. It expects to spend up to $493 million over 36 months on HPC expansion, including land, data center buildout, and GPUs. It had spent $145.3 million toward that effort as of the filing. HIVE also plans about $35 million to convert its Toronto facility into a Tier-III data center. Mining expansion continues too, with a target for a 100-megawatt substation expansion at its Yguazú site in Paraguay in 2026.
MARA is developing AI infrastructure through Exaion and a partnership with Starwood Digital Ventures. It wants sites that can shift between workloads based on economics, demand, and grid conditions. Bitcoin mining remains the foundation, the company said.
Treasury gains lift MARA profit
HIVE 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. Its Nasdaq-listed shares fell 1.7% to $1.78 in after-hours trading Monday, according to Google Finance, after closing up 1.7% at $1.81.
MARA reported net income attributable to common stockholders of $634.4 million, up from $123.1 million a year earlier. That included substantial fair-value gains on digital assets and digital asset receivables. Quarterly revenue was $164.2 million, down 35% year-on-year. Diluted earnings were $1.28 a share, up from 27 cents. Its shares were little changed at $6.64 in after-hours trading Monday after closing up 4.6%.
