HIVE and MARA Mine More Bitcoin But Face Lower Revenues

Major cryptocurrency mining firms HIVE Digital Technologies and MARA Holdings reported higher digital asset output during the September quarter compared to the previous year, yet experienced reduced mining revenues as softer asset prices offset production gains. Regulatory filings from both businesses highlighted ongoing financial pressures across the sector as power expenses climbed and companies continued allocating resources toward artificial intelligence infrastructure.

According to the corporate disclosures, HIVE increased its output by 49 percent to reach 1,070 Bitcoin, while corresponding mining revenue dropped 7.4 percent down to $76 million. MARA disclosed a similar operational trajectory, noting a 5 percent production increase to 2,247 Bitcoin alongside a 34 percent contraction in revenue, which totaled $159 million. Both enterprises pointed to higher electricity bills and equipment expenses, with HIVE citing a 20 percent jump in power costs to $45.6 million and MARA noting a 12 percent rise in purchased energy costs to $48.1 million due to expanded mining operations.

In addition to rising utility expenses, both entities recorded significant noncash write-downs related to their hardware assets amid depressed market economics. HIVE logged a $31.2 million write-down for mining gear, whereas MARA recorded a separate $12 million impairment charge for rigs and equipment under ongoing restructuring efforts. These results align with wider industry trends showing squeezed operating margins, highlighted by Core Scientific announcing plans to exit mining entirely by year-end and American Bitcoin reporting narrower margins despite quarterly profits.

Diversifying into Artificial Intelligence

Unlike several competitors exiting the mining space, both HIVE and MARA are actively deploying capital into artificial intelligence and high-performance computing alongside their traditional operations. HIVE reported that its high-performance computing hosting revenue jumped 71 percent to $8.8 million during the September quarter, making up roughly 10.4 percent of total quarterly revenue. The company stated plans to invest up to $493 million over a three-year period to build out data center infrastructure, purchase graphics processing units, and convert its Toronto facility into a Tier-III data center, alongside expanding substation capacity at its Paraguay location in 2026.

Similarly, MARA is developing artificial intelligence capabilities through its Exaion subsidiary and a partnership with Starwood Digital Ventures. The firm intends to run flexible sites capable of shifting between workloads depending on market economics and grid demands, though digital asset mining remains the primary foundation of its operating platform. Market figures showed HIVE shares ending regular trading up 1.7 percent at $1.81 before slipping slightly in after-hours movement, while MARA shares traded near $6.64 after finishing the regular session up 4.6 percent.

Increased Bitcoin output failed to prevent revenue drops as energy costs and AI investments grew.

Why it matters

These financial results illustrate the shifting operational strategies of major digital asset enterprises as they navigate rising power expenses and softer asset prices. By expanding into artificial intelligence infrastructure and high-performance computing, mining companies are attempting to secure recurring revenue streams to balance the cyclical nature of digital currency production.