HIVE Output Jumps 49% but Mining Revenue Falls 7.4% to $76M

HIVE Digital Technologies mined 1,070 BTC in the September quarter, up 49% from 718 BTC a year earlier. Mining revenue still fell 7.4% to $76 million. MARA Holdings told the same story at larger scale: more coins, less money. Weaker Bitcoin prices outweighed the production gains at both miners.

HIVE: volume up, price down

HIVE's average realized Bitcoin price was $71,003, against $114,382 a year earlier. That is a 38% drop per coin, which swallowed a 49% jump in output.

Costs moved the wrong way. Electricity rose 20% to $45.6 million. HIVE also booked a $31.2 million noncash write-down on mining equipment, citing "depressed mining economics." The figures come from the company's Form 10-Q.

Fiscal second-quarter revenue was $84.9 million, down 2.7% year on year but above the $79.4 million MarketBeat consensus. HIVE shares closed Monday up 1.7% at $1.81, then fell 1.7% to $1.78 after hours, according to Google Finance.

MARA: big profit, shrinking revenue

MARA mined 2,247 BTC, up 5%. Bitcoin mining revenue dropped 34% to $159 million. Total revenue fell 35% to $164.2 million.

Net income attributable to common stockholders hit $634.4 million, up from $123.1 million. Diluted EPS: $1.28 versus 27 cents. Operations did not drive it. MARA booked an unrealized fair-value gain of $885.3 million on its Bitcoin holdings.

That kind of gain can swing sharply from quarter to quarter. Underneath it, the core business faces the same squeeze as HIVE's. Purchased energy costs rose 12% to $48.1 million, and MARA wrote off $12 million of rigs and equipment under restructuring plans. Energized hashrate climbed 18% to 71.2 EH/s.

MARA held 34,012 BTC at quarter end and has cut total debt by $1.4 billion since the start of 2026. It later sold 13,597 BTC to pay down loans. Its shares were little changed at $6.64.

The AI pivot continues

Both companies are leaning on AI and high-performance computing (HPC) as mining margins tighten. HIVE's HPC hosting revenue rose 71% to $8.8 million, or 10.4% of total revenue. It expects to spend up to $493 million over 36 months on HPC, with $145.3 million spent as of the filing, plus about $35 million converting its Toronto facility into a Tier-III data center.

That follows HIVE's Toronto AI gigafactory announcement and its broader shift toward AI infrastructure. MARA is building AI infrastructure through its Exaion subsidiary and a partnership with Starwood Digital Ventures, with Bitcoin mining still its foundation.

What it means

At $8.8 million, HIVE's HPC income is a starting point, not a replacement for mining revenue. The $493 million plan has to justify its capital.

Peers are splitting on strategy. American Bitcoin reported weaker mining margins despite a treasury-driven profit last week. Core Scientific plans to leave mining entirely by year-end. HIVE and MARA are doing neither: both keep investing in mining alongside AI.