What happens to a miner’s operating results when Bitcoin output rises but the revenue from that output falls? In September-quarter results reported by Cointelegraph on Nov. 10, 2026, both HIVE Digital Technologies and MARA Holdings showed that split. The report attributed the lower mining revenue to weaker Bitcoin prices outweighing production gains.
| Company | Bitcoin mined | Bitcoin mining revenue | Reported power cost |
|---|---|---|---|
| HIVE | 1,070 BTC, up 49% year over year | $76 million, down 7.4% | Electricity costs of $45.6 million, up 20% |
| MARA | 2,247 BTC, up 5% year over year | $159 million, down 34% | Purchased energy costs of $48.1 million, up 12% |
MARA’s purchased energy costs rose as it expanded its owned mining operations. These are company results, not network-wide mining metrics; the figures alone do not establish either company’s cost per Bitcoin or mining margin.
Equipment charges and capital plans
The companies also recorded separate equipment-related charges. HIVE took a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics.” MARA wrote off $12 million involving mining rigs and equipment under restructuring plans. Neither charge is the same as a quarterly power bill.
Both companies said they would continue investing in mining alongside AI and high-performance computing (HPC). HIVE’s HPC hosting revenue rose 71% to $8.8 million in the quarter, or 10.4% of its total revenue. It anticipates spending up to $493 million over 36 months on HPC expansion, including land, data-center infrastructure and GPUs; it reported $145.3 million spent toward that expansion as of its filing. HIVE also plans to spend about $35 million converting its Toronto facility into a Tier-III data center and is targeting a 100-megawatt substation expansion at its Yguazú site in Paraguay during 2026. Those planned expenditures and the substation target are not completed projects.
MARA is developing AI infrastructure through its Exaion subsidiary and a partnership with Starwood Digital Ventures. It said it intends to operate sites that can shift between workloads according to economics, demand and grid conditions, while keeping Bitcoin mining as the foundation of its platform.
Treasury activity and company-wide results
After the quarter ended Sept. 30, MARA sold 13,597 BTC for about $1.1 billion. It used $750 million of the proceeds to repay its Bitcoin-backed term loans in full, releasing 17,477 BTC pledged as collateral.
MARA reported $634.4 million in net income attributable to common stockholders, up from $123.1 million a year earlier. That result included substantial fair-value gains on digital assets and digital-asset receivables, so it should not be read as mining profit. Its total quarterly revenue fell 35% year over year to $164.2 million, while diluted earnings rose from $0.27 to $1.28 a share.
HIVE reported fiscal second-quarter total revenue of $84.9 million, down 2.7% year over year but above the $79.4 million consensus estimate cited by MarketBeat. Cointelegraph also noted pressure elsewhere in the sector: American Bitcoin had reported weaker mining margins despite a treasury-driven quarterly profit, while Core Scientific said it planned to leave mining by year-end.
Source: cointelegraph.com (originally published 2026-11-10 08:42 UTC+8)
