HIVE and MARA mine more Bitcoin but earn less on lower prices
HIVE increased Bitcoin production 49% to 1,070 Bitcoin while revenue fell 7.4% to $76 million.
The short version
- MARA mined 2,247 Bitcoin as its revenue dropped 34% to $159 million.
- Both miners faced higher electricity bills and equipment write-downs while expanding AI infrastructure.
Both 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, while mining revenue fell 7.4% to $76 million.
MARA reported a similar pattern, with production rising 5% to 2,247 Bitcoin and 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, 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 as rivals turn to artificial intelligence and high-performance computing.
HIVE’s high-performance computing hosting revenue rose 71% to $8.8 million in the September quarter, and the company anticipates spending up to $493 million over 36 months to expand its artificial intelligence operations. MARA is also developing artificial intelligence infrastructure through its Exaion subsidiary and a partnership with Starwood Digital Ventures.
HIVE’s shares fell 1.7% to $1.78 in after-hours trading Monday, while MARA reported net income attributable to common stockholders of $634.4 million, up from $123.1 million a year earlier, and its shares were little changed at $6.64 in after-hours trading.
Figures as reported by Cointelegraph.
