Mining firms shift toward AI computing and clean energy as Bitcoin holdings nearly double
Bitcoin mining giants MARA Holdings and Hut 8 Mining Corp reported strong third-quarter earnings for 2025, showing sharp profit gains and expanding Bitcoin reserves as both firms accelerate their move into high-performance computing and energy infrastructure.
MARA’s quarterly revenue jumped 92% year over year to $252 million, reversing a prior-year loss of $125 million into $123 million in net income. Hut 8’s results were similarly robust, with revenue climbing to $83.5 million and profit rising to $50.6 million.
Bitcoin reserves nearly double
Both miners significantly grew their Bitcoin holdings during the quarter. MARA ended Q3 with 52,850 BTC, almost double its 26,747 BTC balance from a year earlier. Hut 8 reported 13,696 BTC, up from 9,106 BTC in the same period last year.
“Our strategy focuses on converting stranded and excess energy into productive digital capital,” a MARA spokesperson said. “This quarter’s results show the success of our integrated energy-to-compute model.”
MARA has rebranded itself as a “digital energy and infrastructure company”, investing in low-carbon AI data centers. Its $168 million acquisition of Exaion, a subsidiary of France’s EDF, marked its largest step yet into AI-focused compute infrastructure.
Hut 8 is pursuing a parallel expansion, managing 1.02 gigawatts of capacity and planning to exceed 2.5 gigawatts across North America. The company aims to balance Bitcoin mining with AI and cloud workloads, using renewable energy assets to support both sectors.
Investor reaction muted despite record quarter
Despite the strong fundamentals, markets reacted cautiously. Hut 8 shares fell 9%, while MARA declined 5% on Tuesday, reflecting investor concerns over broader crypto weakness.
The U.S. continues to dominate global mining activity, now accounting for about 37% of total Bitcoin hashrate, according to industry data. Texas leads the sector with cheap energy and pro-business policies, hosting large-scale operations from MARA, Riot Platforms, CleanSpark, Bitdeer, and Hut 8.
“The U.S. has become the center of industrial-scale Bitcoin mining,” said market strategist Daniel Reeves. “With AI convergence and renewable buildouts, miners are evolving into full digital infrastructure firms.”
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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