Historical report: November 10, 2026, at 08:42:39 UTC+08:00. Figures and plans below reflect the original reporting context.
HIVE Digital Technologies and MARA Holdings increased Bitcoin production in the September quarter, but neither converted that growth into higher mining revenue. According to regulatory filings cited by Cointelegraph, weaker Bitcoin prices outweighed the additional output, while electricity costs and equipment charges added pressure.
The results expose a gap between expanding mining capacity and improving financial performance. Both companies are also investing in artificial intelligence and high-performance computing, but those expansion plans should be distinguished from revenue already delivered.
Production rose while mining revenue fell
HIVE produced 1,070 Bitcoin (BTC), up 49% year-on-year, 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 increased 5% to 2,247 BTC, but Bitcoin mining revenue dropped 34% to $159 million. 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 pressure was not confined to those two operators. In the week preceding the original report, American Bitcoin reported weaker mining margins despite a treasury-driven quarterly profit. Core Scientific said it planned to leave mining entirely by year-end.
AI diversification: existing revenue versus planned spending
Unlike Core Scientific, HIVE and MARA were continuing to invest in Bitcoin mining alongside AI and high-performance computing.
HIVE’s HPC hosting revenue rose 71% to $8.8 million, accounting for 10.4% of total quarterly revenue. The company described its strategy as combining mining cash flow with recurring AI infrastructure revenue.
Its planned expansion was substantially larger than that existing revenue stream. HIVE anticipated spending up to $493 million over 36 months on land, data center infrastructure and GPUs, and reported spending $145.3 million toward the expansion as of the filing. It also planned to spend about $35 million converting its Toronto facility into a Tier-III data center.
Mining expansion remained part of the strategy: HIVE targeted a 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 according to economics, demand and grid conditions, while keeping Bitcoin mining as the foundation of its platform. That was a stated operating strategy, not evidence in the supplied report of realized financial results from those flexible sites.
Treasury gains complicate the profit picture
MARA reported $634.4 million in net income attributable to common stockholders, up from $123.1 million a year earlier. The result included substantial fair-value gains on digital assets and digital asset receivables; it therefore should not be read as evidence that mining economics improved.
MARA’s total quarterly revenue fell 35% 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%.
HIVE reported a quarterly loss and 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 up 1.7% at $1.81.
The central distinction is between output, operating revenue and asset-valuation gains. More Bitcoin mined did not mean more mining revenue, and MARA’s higher reported profit did not erase the deterioration in its mining business.