Bitcoin Miners MARA and HIVE Post Bigger Output but Smaller Paychecks

MARA Holdings finished the September quarter with net income of $634.4 million, compared with $123.1 million a year earlier, largely because its digital assets gained fair value.The mining side was weaker. Output rose 5% to 2,247 BTC, but mining revenue fell 34% to $159 million, and total revenue slid 35% to $164.2 million. Shares sat near $6.64 after hours.

HIVE Digital Technologies Quarterly Results

HIVE produced 1,070 BTC, up 49%, yet mining revenue dropped 7.4% to $76 million as Bitcoin prices weakened. Total revenue of $84.9 million fell 2.7% but still beat the $79.4 million analyst estimate. Its stock eased 1.7% to $1.78 after hours.

Rising Power Costs and Equipment Write Downs

Electricity cost HIVE $45.6 million, a 20% increase, and the company recorded a $31.2 million noncash charge on mining gear, pointing to depressed mining economics. MARA’s energy purchases climbed 12% to $48.1 million, and it wrote off $12 million tied to rigs under restructuring.

AI and HPC Growth Beyond Bitcoin Mining

HIVE’s HPC hosting revenue jumped 71% to $8.8 million, or 10.4% of sales. It plans to spend up to $493 million over 36 months and has already put in $145.3 million, plus about $35 million to turn its Toronto site into a Tier III data center. MARA is building AI capacity through Exaion and a Starwood Digital Ventures partnership. Core Scientific is leaving mining by the end of the year, and American Bitcoin reported thinner margins, but both of these companies are staying in the game.