HIVE Digital Technologies and MARA Holdings increased Bitcoin production in the September quarter compared with a year earlier, but both reported lower mining revenue as weaker Bitcoin prices outweighed their output gains, according to regulatory filings cited by Cointelegraph.
Original report published Nov. 10, 2026, at 08:42:39 UTC+8.
Production rises as costs weigh on mining
HIVE produced 1,070 Bitcoin (BTC), up 49% year-on-year, while its mining revenue fell 7.4% to $76 million. MARA’s production increased 5% to 2,247 BTC, but its Bitcoin mining revenue declined 34% to $159 million.
Both companies also reported higher energy expenses and equipment charges:
- HIVE: Electricity costs rose 20% to $45.6 million. The company recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics.”
- MARA: Purchased energy costs increased 12% to $48.1 million as the company expanded its owned mining operations. It separately wrote off $12 million involving mining rigs and equipment under restructuring plans.
The results followed other signs of pressure on mining economics. In the week before the original report, American Bitcoin reported weaker mining margins despite a treasury-driven quarterly profit. Core Scientific said it planned to exit mining entirely by the end of 2026.
AI expansion continues alongside Bitcoin mining
Unlike Core Scientific, HIVE and MARA continued investing in mining while developing artificial intelligence and high-performance computing businesses.
HIVE’s HPC hosting revenue increased 71% to $8.8 million in the September quarter, representing 10.4% of total revenue. The company described its strategy as combining mining cash flow with recurring revenue from AI infrastructure.
HIVE said it anticipated spending up to $493 million over 36 months on its HPC expansion, including land, data center infrastructure and GPUs. It had reported spending $145.3 million toward that expansion as of the filing. The company also planned to spend about $35 million converting its Toronto facility into a Tier-III data center.
Its mining plans included a targeted 100-megawatt substation expansion at its 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 switching workloads depending on economics, demand and grid conditions, while keeping Bitcoin mining as the foundation of its platform.
HIVE records a loss; digital-asset gains lift MARA profit
HIVE reported a quarterly loss. Its fiscal second-quarter revenue was $84.9 million, down 2.7% year-on-year but above the $79.4 million consensus estimate listed by MarketBeat.
According to Google Finance figures cited in the original report, HIVE’s Nasdaq-listed shares fell 1.7% to $1.78 in Monday’s after-hours trading, after closing the regular session up 1.7% at $1.81.
MARA reported net income attributable to common stockholders of $634.4 million, compared with $123.1 million a year earlier. Its results included substantial fair-value gains on digital assets and digital asset receivables, distinguishing its profit growth from the decline in mining revenue.
MARA’s quarterly revenue fell 35% year-on-year to $164.2 million, while diluted earnings rose to $1.28 a share from 27 cents. Its shares were little changed at $6.64 in Monday’s after-hours trading after closing the regular session up 4.6%.