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.