HIVE Digital Technologies and MARA Holdings produced more Bitcoin in the September quarter than a year earlier, but both reported lower mining revenue. According to regulatory filings cited by Cointelegraph, weaker Bitcoin prices outweighed the increase in production, while power costs and equipment charges added pressure.
The results show a gap between mining more Bitcoin and earning more from mining. They measure company-level production and financial performance—not growth in Bitcoin users or adoption.
Production rises, but revenue moves the other way
The companies reported the following year-over-year changes for the September quarter:
| Metric | HIVE | MARA |
|---|---|---|
| Bitcoin produced | 1,070 BTC, up 49% | 2,247 BTC, up 5% |
| Bitcoin mining revenue | $76 million, down 7.4% | $159 million, down 34% |
| Electricity or purchased energy costs | $45.6 million, up 20% | $48.1 million, up 12% |
MARA’s higher purchased energy costs came as it expanded its owned mining operations. HIVE also recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics.” MARA separately wrote off $12 million involving mining rigs and equipment under restructuring plans.
The source placed those results alongside other signs of strain: American Bitcoin had reported weaker mining margins the previous week despite a treasury-driven quarterly profit, while Core Scientific said it planned to exit mining entirely by year-end.
AI expansion runs alongside continued mining investment
Unlike Core Scientific, HIVE and MARA were continuing to invest in Bitcoin mining while developing artificial intelligence and high-performance computing businesses.
HIVE’s HPC hosting revenue rose 71% to $8.8 million in the September quarter, representing 10.4% of total revenue. Its stated strategy combines mining cash flow with recurring revenue from AI infrastructure. That revenue share shows HPC’s contribution, but not a replacement for the mining business.
HIVE said it anticipated spending up to $493 million over 36 months on its HPC expansion, including land, data center infrastructure and GPUs. It reported spending $145.3 million toward that expansion as of the filing. It also planned to spend about $35 million converting its Toronto facility into a Tier-III data center.
Mining expansion remained on the agenda, including a targeted 100-megawatt substation expansion at HIVE’s Yguazú site in Paraguay during 2026.
MARA was developing AI infrastructure through its Exaion subsidiary and a partnership with Starwood Digital Ventures. It said it intended to operate sites capable of shifting between workloads according to economics, demand and grid conditions, while keeping Bitcoin mining as the foundation of its platform. These were stated plans, not evidence that workload switching had already offset mining pressure.
Treasury gains complicate the earnings picture
HIVE reported a quarterly loss and fiscal second-quarter revenue of $84.9 million, down 2.7% year over year but above the $79.4 million consensus estimate listed by MarketBeat.
MARA reported net income attributable to common stockholders of $634.4 million, compared with $123.1 million a year earlier. That result included substantial fair-value gains on digital assets and digital asset receivables. Its quarterly revenue fell 35% to $164.2 million, while diluted earnings rose to $1.28 a share from 27 cents.
MARA’s higher net income therefore should not be read as evidence of stronger mining revenue. Treasury-related valuation gains and operating mining performance were distinct parts of its results.
According to Google Finance figures cited in the report, HIVE shares closed Monday up 1.7% at $1.81 before falling 1.7% to $1.78 in after-hours trading. MARA shares closed up 4.6% and were little changed at $6.64 after hours.
Source: Original Cointelegraph article, published November 10, 2026, at 08:42:39 UTC+08:00. Figures and company plans above reflect that report’s publication context.