Source publication time: November 10, 2026, at 08:42:39 UTC+8. This article covers the September-quarter results reported in that source.
Higher Bitcoin production did not translate into higher mining revenue for HIVE Digital Technologies or MARA Holdings. According to regulatory filings cited by Cointelegraph, weaker Bitcoin prices outweighed production gains at both companies, while energy costs and equipment charges added pressure.
For valuation analysis, the results highlight three distinct measures: Bitcoin output, mining revenue and earnings that include changes in the value of digital assets. Growth in one does not necessarily indicate improvement in the others.
Production rose, but mining revenue declined
| September-quarter measure | HIVE | MARA |
|---|---|---|
| Bitcoin produced | 1,070 BTC | 2,247 BTC |
| Production change, year over year | +49% | +5% |
| Bitcoin mining revenue | $76 million | $159 million |
| Mining revenue change, year over year | −7.4% | −34% |
| Reported energy expense | $45.6 million in electricity costs | $48.1 million in purchased energy costs |
| Energy expense change, year over year | +20% | +12% |
MARA’s purchased energy costs increased as it expanded its owned mining operations. The companies also recorded equipment-related charges: HIVE recognized 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.
The pressure extended beyond these two miners. Cointelegraph reported that American Bitcoin had disclosed weaker mining margins the previous week despite a treasury-driven quarterly profit. Core Scientific, meanwhile, said it planned to leave mining entirely by year-end.
AI expansion adds revenue—and capital requirements
Unlike Core Scientific, HIVE and MARA were continuing to invest in Bitcoin mining alongside artificial intelligence and high-performance computing, or HPC.
HIVE’s HPC hosting revenue increased 71% to $8.8 million, representing 10.4% of total quarterly revenue. The company described its strategy as pairing mining cash flow with recurring AI infrastructure revenue.
That diversification carried substantial planned spending. HIVE anticipated investing up to $493 million over 36 months in its HPC expansion, including land, data center infrastructure and GPUs. It 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 investment remained part of the plan: 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 shifting between workloads according to economics, demand and grid conditions, while retaining Bitcoin mining as the foundation of its platform.
For valuation purposes, HPC revenue growth and planned infrastructure spending are separate inputs. The reported growth alone does not establish the returns those investments will generate.
Treasury gains separate MARA’s profit from mining performance
MARA reported $634.4 million in net income attributable to common stockholders, compared with $123.1 million a year earlier. Its results included substantial fair-value gains on digital assets and digital asset receivables.
That profit increase contrasted with quarterly revenue of $164.2 million, down 35% year over year. Diluted earnings rose to $1.28 per share, from 27 cents. The distinction matters: earnings containing asset revaluation gains are not interchangeable with mining operating performance.
HIVE reported a quarterly loss and fiscal second-quarter revenue of $84.9 million, down 2.7% from a year earlier but above the $79.4 million consensus estimate listed by MarketBeat. The supplied report did not state the loss amount.
According to Google Finance figures cited in the report, HIVE 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 shares were little changed at $6.64 after hours, following a 4.6% regular-session gain.
The central valuation question is therefore not simply whether these companies can mine more Bitcoin. It is how production, realized mining revenue, operating costs, infrastructure spending and digital-asset valuation changes combine—and which of those inputs underpin reported earnings.