HIVE Digital Technologies and MARA Holdings produced more Bitcoin in the September quarter than a year earlier, yet both reported lower mining revenue. According to regulatory filings cited by Cointelegraph, weaker Bitcoin prices outweighed their production gains, while electricity and equipment costs added pressure.
Source publication time: November 10, 2026, at 08:42:39 UTC+8. This article reflects that reporting period.
More Bitcoin, less mining revenue
The two miners reported the same basic mismatch between output and revenue:
| September-quarter metric | HIVE | MARA |
|---|---|---|
| Bitcoin production | 1,070 BTC, up 49% year over year | 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 accompanied an expansion of 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 results followed other signs of strain. American Bitcoin had reported weaker mining margins the previous week despite a treasury-driven quarterly profit. Core Scientific, meanwhile, said it planned to exit mining entirely by year-end.
AI expansion does not mean a mining exit
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, representing 10.4% of total quarterly revenue. The company described its strategy as pairing mining cash flow with recurring AI infrastructure revenue.
Its expansion plans included:
- Up to $493 million over 36 months for HPC operations, including land, data center infrastructure and GPUs. HIVE reported having spent $145.3 million toward that expansion as of the filing.
- About $35 million to convert its Toronto facility into a Tier-III data center.
- A targeted 100-megawatt substation expansion at its Yguazú mining 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 switching workloads according to economics, demand and grid conditions, while keeping Bitcoin mining as its platform’s foundation.
These are company strategies and spending plans—not evidence that AI revenue has 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. According to Google Finance, its Nasdaq-listed shares closed Monday up 1.7% at $1.81 before falling 1.7% to $1.78 in after-hours trading.
MARA’s net income attributable to common stockholders rose to $634.4 million from $123.1 million a year earlier, including substantial fair-value gains on digital assets and digital asset receivables. Quarterly revenue nevertheless fell 35% to $164.2 million. Diluted earnings rose to $1.28 a share from 27 cents.
MARA shares were little changed at $6.64 in Monday’s after-hours trading after closing the regular session up 4.6%.
The key distinction: higher Bitcoin output did not translate into higher mining revenue, and MARA’s treasury-related gains should not be confused with stronger mining operations.