News
Public · Published
HIVE, MARA mine more Bitcoin but earn less as crypto prices fall
HIVE Digital Technologies and MARA Holdings produced more Bitcoin in the September quarter than a year earlier, but their mining revenue fell as lower Bitcoin prices outweighed higher output. Both reported higher power costs and equipment charges; HIVE also recorded a $31.2 million equipment write-down, and MARA wrote off $12 million.
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What happened
HIVE Digital Technologies and MARA Holdings produced more Bitcoin in the September quarter than a year earlier, but their mining revenue fell as lower Bitcoin prices outweighed higher output. Both reported higher power costs and equipment charges; HIVE also recorded a $31.2 million equipment write-down, and MARA wrote off $12 million.
Confirmed
Global impact / market context
Lower revenue alongside rising electricity and equipment costs can squeeze the cash available to run mining operations, even when companies produce more Bitcoin. If pressure persists, miners may need to reduce costs, change investment plans, or rely more on their other businesses.
Analyst inference
The article describes broader strain in Bitcoin mining: American Bitcoin reported weaker mining margins, while Core Scientific said it plans to leave mining by year-end. HIVE and MARA are continuing to invest in mining alongside artificial intelligence and high-performance computing businesses.
Confirmed
What to watch
- Future filings could show whether Bitcoin prices and production gains lift mining revenue enough to offset power bills and equipment charges at HIVE and MARA. Analyst inference
- Track whether HIVE and MARA continue investing in artificial intelligence and high-performance computing alongside mining, and whether either company changes its stated plans. Analyst inference
- The article says HIVE recorded a $31.2 million noncash equipment write-down and MARA wrote off $12 million involving rigs and equipment under restructuring plans. Confirmed
Affected assets
- BTC — Bitcoin