HIVE Digital Technologies and MARA Holdings produced more Bitcoin in the September quarter than a year earlier, but both reported lower mining revenue as weaker Bitcoin prices outweighed their production gains, according to regulatory filings cited by Cointelegraph in its November 10, 2026 report.
HIVE also reported a quarterly loss, while MARA’s profit benefited from substantial fair-value gains on digital assets and digital asset receivables.
Higher output, lower mining revenue
HIVE’s Bitcoin production rose 49% year-on-year to 1,070 BTC, while mining revenue declined 7.4% to $76 million. MARA’s production increased 5% to 2,247 BTC, but its Bitcoin mining revenue fell 34% to $159 million.
Both companies faced higher energy costs and equipment charges:
- HIVE: Electricity costs increased 20% to $45.6 million. It also recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics.”
- MARA: Purchased energy costs rose 12% to $48.1 million as it expanded its owned mining operations. It separately wrote off $12 million involving mining rigs and equipment under restructuring plans.
The results added to pressure elsewhere in the sector. Cointelegraph reported that American Bitcoin had disclosed 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.
AI expansion alongside continued Bitcoin investment
Unlike Core Scientific, HIVE and MARA were continuing to invest in Bitcoin mining while building artificial intelligence and high-performance computing businesses.
HIVE’s HPC hosting revenue increased 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.
HIVE said it anticipated spending up to $493 million over 36 months on its 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.
Alongside those investments, HIVE 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 switching workloads according to economics, demand and grid conditions, with Bitcoin mining remaining the foundation of its platform.
HIVE reports a loss; treasury gains lift MARA’s profit
HIVE reported a fiscal second-quarter loss, though the supplied report did not specify its size. Revenue totaled $84.9 million, down 2.7% year-on-year but above the $79.4 million consensus estimate listed by MarketBeat.
According to Google Finance figures cited in the report, HIVE’s 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.
MARA reported net income attributable to common stockholders of $634.4 million, compared with $123.1 million a year earlier. That result included substantial fair-value gains on digital assets and digital asset receivables, distinguishing its overall profit from the decline in mining revenue.
MARA’s total quarterly revenue fell 35% year-on-year to $164.2 million, while diluted earnings rose to $1.28 per 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%.
The reported results show that higher Bitcoin production did not translate into higher mining revenue for either company during the quarter. They also underline the distinction between mining performance and earnings affected by digital-asset valuation gains.
Original source: Cointelegraph. Published November 10, 2026, at 08:42:39 UTC+08:00. This article summarizes that historical report.