Original report published Nov. 10, 2026, at 08:42:39 UTC+8.
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 output, while power costs and equipment charges added pressure.
Production gains did not translate into revenue growth
| September-quarter metric | HIVE | MARA |
|---|---|---|
| Bitcoin production | 1,070 BTC, up 49% year-on-year | 2,247 BTC, up 5% year-on-year |
| 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 increase in purchased energy costs accompanied the expansion of its owned mining operations. HIVE 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 pressure in the sector. 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.
Both companies retain mining while expanding AI infrastructure
Unlike Core Scientific, HIVE and MARA continued to invest in Bitcoin mining alongside artificial intelligence and high-performance computing (HPC).
HIVE’s quarterly HPC hosting revenue increased 71% to $8.8 million, representing 10.4% of total revenue. The company described its strategy as pairing mining cash flow with recurring AI infrastructure revenue.
HIVE said it anticipated spending up to $493 million over 36 months on HPC expansion, including land, data center infrastructure and GPUs. It had spent $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.
Its mining expansion plans included a targeted 100-megawatt substation expansion at the 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 depending on economics, demand and grid conditions, while keeping Bitcoin mining as the foundation of its platform.
Treasury gains and mining performance tell different stories
HIVE reported a fiscal second-quarter loss and revenue of $84.9 million, down 2.7% year-on-year but above the $79.4 million consensus estimate listed by MarketBeat.
MARA’s net income attributable to common stockholders rose to $634.4 million from $123.1 million a year earlier. That result included substantial fair-value gains on digital assets and digital asset receivables. Quarterly revenue fell 35% to $164.2 million, while diluted earnings increased to $1.28 a share from 27 cents.
The distinction matters when reading these results: MARA’s higher net income did not reflect stronger mining revenue. Likewise, higher Bitcoin production at either company did not prevent revenue declines or rising power costs.
According to Google Finance figures cited in the report, HIVE 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 shares were little changed at $6.64 after hours, following a 4.6% gain during the regular session.