Can higher Bitcoin production offset weaker prices and rising operating costs? For HIVE Digital Technologies and MARA Holdings, the September-quarter results reported by Cointelegraph on November 10, 2026, showed that higher output did not prevent a decline in mining revenue.
According to the companies’ latest regulatory filings cited in the report, both miners produced more Bitcoin than a year earlier, but weaker Bitcoin prices outweighed those production gains.
Higher output, lower mining revenue
| September-quarter metric | HIVE | MARA |
|---|---|---|
| Bitcoin produced | 1,070 BTC, up 49% year-on-year | 2,247 BTC, up 5% year-on-year |
| Bitcoin mining revenue | $76 million, down 7.4% | $159 million, down 34% |
| Reported power costs | Electricity costs of $45.6 million, up 20% | Purchased energy costs of $48.1 million, up 12% |
MARA’s increase in purchased energy costs came as it expanded its owned mining operations. These reported power-cost figures are company-specific expense categories, not measures of each miner’s total operating costs.
Equipment charges added further pressure. HIVE recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics.” MARA separately wrote off $12 million involving mining rigs and equipment under restructuring plans. Those charges are distinct from the companies’ electricity expenses and planned infrastructure spending.
The results followed other signs of strain in the sector. In the week before the report, American Bitcoin had reported weaker mining margins despite a treasury-driven quarterly profit. Core Scientific said it planned to leave mining entirely by the end of 2026.
AI expansion continues alongside mining investment
Unlike Core Scientific, HIVE and MARA were continuing to invest in Bitcoin mining while developing artificial intelligence and high-performance computing businesses.
HIVE’s HPC hosting revenue rose 71% year-on-year to $8.8 million, representing 10.4% of total quarterly revenue. The company described its strategy as combining mining cash flow with recurring revenue from AI infrastructure.
Its disclosed expansion plans included:
- Up to $493 million over 36 months for HPC expansion, including land, data center infrastructure and GPUs. HIVE reported spending $145.3 million toward that expansion as of the filing.
- About $35 million to convert its Toronto facility into a Tier-III data center.
- A targeted 100-megawatt substation expansion at its Yguazú mining site in Paraguay during 2026.
The planned spending amounts are forward-looking commitments or targets, rather than reported quarterly operating expenses.
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 switching workloads according to economics, demand and grid conditions, while keeping Bitcoin mining as the foundation of its platform.
Treasury gains and mining performance tell different stories
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; the higher net income therefore should not be read as an improvement in mining revenue.
MARA’s total quarterly revenue fell 35% to $164.2 million, while diluted earnings rose to $1.28 per share, from 27 cents a year earlier. Its shares were little changed at $6.64 in Monday’s after-hours trading after gaining 4.6% during the regular session.
HIVE reported a quarterly loss and fiscal second-quarter revenue of $84.9 million, down 2.7% year-on-year but above the $79.4 million consensus estimate listed by MarketBeat. According to Google Finance, its Nasdaq-listed shares fell 1.7% to $1.78 in Monday’s after-hours trading after closing the regular session up 1.7% at $1.81.
The operational distinction is clear: both companies increased Bitcoin output, but neither converted that growth into higher mining revenue. Meanwhile, power expenses rose, equipment charges weighed on results, and both companies pursued infrastructure investment beyond mining.
Original source: Cointelegraph, published November 10, 2026, at 08:42:39 UTC+08:00. Figures and plans above reflect that reporting date.