HIVE, MARA mine more Bitcoin but earn less as crypto prices fall

HIVE Digital Technologies and MARA Holdings mined more Bitcoin in the September quarter than a year earlier but reported lower mining revenue, as weaker Bitcoin prices outweighed gains in production.

According to their latest regulatory filings, HIVE’s Bitcoin production increased 49% to 1,070 Bitcoin (BTC), while mining revenue fell 7.4% to $76 million. MARA reported a similar pattern, with production rising 5% to 2,247 BTC and Bitcoin mining revenue dropping 34% to $159 million.

Both companies reported higher power bills and equipment charges. HIVE’s electricity costs rose 20% to $45.6 million, while MARA’s purchased energy costs increased 12% to $48.1 million as it expanded its owned mining operations.

HIVE also recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics,” while MARA separately wrote off $12 million involving mining rigs and equipment under restructuring plans.  

Both results add to signs of pressure on Bitcoin mining economics. American Bitcoin last week reported weaker mining margins despite a treasury-driven quarterly profit, while Core Scientific said it plans to leave mining entirely by year-end.

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