HIVE, MARA mine more Bitcoin but bring in less revenue as prices slide

Both miners grew production in the September quarter, but weaker Bitcoin prices and rising power costs squeezed mining revenue as AI infrastructure takes center stage HIVE Digital Technologies and MARA Holdings both dug up more Bitcoin in the September quarter than they did a year earlier. Both also brought in less mining revenue for their trouble. The culprit is simple: Bitcoin got cheaper faster than the miners could produce more of it. More coins, less money HIVE produced 1,070 BTC during the quarter, up 49% from 718 BTC in the same period a year earlier. Revenue did not follow. HIVE’s mining revenue fell 7.4% to $76 million. The math gets clearer when you look at the price HIVE actually received for its coins. The company’s average realized Bitcoin price was $71,003, compared with $114,382 a year earlier. Costs moved the wrong way too. HIVE’s electricity bill climbed to $45.6 million, and the company took a $31.2 million non-cash impairment on its mining equipment. MARA’s production story was quieter. The company mined 2,247 BTC, which the research describes as modest growth from a year earlier. Its total revenue was harder hit, falling 35% to $164.2 million. Meanwhile, MARA’s ...