HIVE Digital Technologies and MARA Holdings both mined more Bitcoin in the September quarter than a year earlier, yet both reported lower mining revenue as Bitcoin prices fell faster than production rose.
More coins, less money
HIVE produced 1,070 BTC during the quarter, up 49% from 718 BTC in the same period a year earlier. However, its mining revenue fell 7.4% to $76 million. The company’s average realized Bitcoin price was $71,003, compared with $114,382 a year earlier.
Costs also moved higher. HIVE’s electricity bill climbed to $45.6 million, and the company recorded a $31.2 million non-cash impairment on its mining equipment.
MARA’s production growth was more modest. The company mined 2,247 BTC, which the research describes as modest growth from a year earlier. Its total revenue fell 35% to $164.2 million. Meanwhile, MARA’s energized hashrate rose 18% to 71.2 EH/s.
MARA’s paper gains and real debt cuts
Despite the revenue drop, MARA reported net income of $632.1 million. That figure was driven by an unrealized fair-value gain of $885.3 million on its Bitcoin holdings. Unrealized means the gain lives on the balance sheet, not in the bank account, until the coins are actually sold.
MARA held 34,012 BTC at the end of the quarter. The company has cut total debt by $1.4 billion since the start of 2026, and later sold 13,597 BTC to pay down loans.
The pivot to AI and high-performance computing
Both companies are leaning harder into a second line of business: high-performance computing (HPC) and artificial intelligence infrastructure.
HIVE’s HPC hosting revenue rose 71% to $8.8 million. That is still small next to its $76 million in mining revenue, but it is growing much faster. HIVE has also planned $493 million in HPC spending over three years.
MARA, for its part, is also emphasizing power and data-center infrastructure as part of its strategy, according to the research findings.
What this means for miners and their investors
For shareholders, the results highlight two different kinds of risk. The first is operating risk: weaker Bitcoin prices plus rising electricity costs compress mining margins, and equipment impairments can follow.
The second is accounting volatility. MARA’s $632.1 million in net income rests heavily on an $885.3 million unrealized gain, and those valuations can swing sharply from quarter to quarter.
MARA’s decision to sell 13,597 BTC to reduce loans suggests large miners may increasingly treat their Bitcoin holdings as a funding source rather than a long-term store of value.
HIVE’s 71% jump in hosting revenue shows demand exists, but $8.8 million is a starting point, not a replacement for mining income. The $493 million spending plan will need to produce returns that justify the capital.
