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. Their results illustrate the distinction between expanding mining capacity and improving its economics—and provide context for their parallel investments in artificial intelligence and high-performance computing (HPC).
According to regulatory filings cited by Cointelegraph, weaker Bitcoin prices outweighed production gains. Both companies also faced higher energy costs and equipment charges.
More Bitcoin, less mining revenue
HIVE’s Bitcoin production increased 49% year-on-year to 1,070 BTC, while mining revenue fell 7.4% to $76 million. Its electricity costs rose 20% to $45.6 million. The company also recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics.”
MARA’s production rose 5% to 2,247 BTC, but Bitcoin mining revenue dropped 34% to $159 million. Purchased energy costs increased 12% to $48.1 million as it expanded its owned mining operations. MARA separately wrote off $12 million related to mining rigs and equipment under restructuring plans.
The pressure was not confined to these two companies. In the week before the report, American Bitcoin reported weaker mining margins despite a treasury-driven quarterly profit. Core Scientific said it planned to exit mining entirely by year-end.
AI infrastructure is a parallel business, not a full mining exit
Unlike Core Scientific, HIVE and MARA were continuing to invest in Bitcoin mining alongside AI and HPC infrastructure.
For HIVE, HPC hosting was already generating revenue: it rose 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 AI infrastructure revenue.
Its spending ambitions were considerably larger than that quarterly revenue contribution. HIVE said it anticipated spending up to $493 million over 36 months to expand HPC operations, including land acquisitions, data center infrastructure and GPUs. It reported spending $145.3 million toward that expansion as of the filing.
HIVE also planned to spend about $35 million converting its Toronto facility into a Tier-III data center. Alongside those plans, it was targeting a 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 shifting between workloads according to economics, demand and grid conditions, while keeping Bitcoin mining as the foundation of its platform.
The distinction matters: HIVE reported measurable HPC hosting revenue, while both companies outlined further infrastructure development. Those expansion plans should not be treated as revenue already earned.
Treasury gains complicate the earnings picture
MARA’s headline profit moved in the opposite direction from its revenue. 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.
Its quarterly revenue fell 35% to $164.2 million, while diluted earnings increased to $1.28 a share from 27 cents. Shares were little changed at $6.64 in Monday’s after-hours trading after closing the regular session up 4.6%.
HIVE reported fiscal second-quarter revenue of $84.9 million, down 2.7% year-on-year but above the $79.4 million consensus estimate listed by MarketBeat. According to Google Finance, its 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.
Together, the results separate three different measures: Bitcoin production, mining profitability and the contribution from non-mining businesses or digital-asset valuation gains. Growth in one does not establish strength in the others.
