News
HIVE and MARA increase Bitcoin production but see revenue decline as prices fall
HIVE Digital Technologies produced 1,070 BTC in the September quarter, a 49% increase from a year earlier, but its mining revenue fell 7.4% to $76 million as the average realized Bitcoin price dropped to $71,003 from $114,382. The company’s electricity costs rose to $45.6 million and it recorded a $31.2 million non‑cash impairment on mining equipment. MARA Holdings mined 2,247 BTC, modestly up from the prior year, while its total revenue declined 35% to $164.2 million, even as its energized hash rate grew 18% to 71.2 EH/s. MARA reported net income of $632.1 million, largely due to an $885.3 million unrealized fair‑value gain on its Bitcoin holdings, and it sold 13,597 BTC to reduce debt. Both companies are expanding into high‑performance computing, with HIVE’s HPC hosting revenue jumping 71% to $8.8 million and a planned $493 million three‑year spend, while MARA emphasizes power and data‑center infrastructure.