HIVE and MARA mine more Bitcoin as Q3 revenue declines

HIVE Digital Technologies and MARA Holdings reported higher Bitcoin production in the quarter ended Sept. 30, 2026, while both recorded lower mining revenue than a year earlier.

HIVE received 1,070 BTC from digital-currency mining, compared with 718 BTC in the prior-year quarter. Its mining revenue fell to $76.0 million from $82.1 million.

MARA produced 2,247 BTC, up 5% from 2,144 BTC a year earlier. However, its Bitcoin-mining revenue declined 34% to $159.0 million, and total revenue fell 35% to $164.2 million.

The results show that a higher volume of mined Bitcoin did not offset lower realized prices and higher energy-related costs during the period.

HIVE reports higher output and lower revenue

HIVE said its average Bitcoin price decreased to $71,003 in the quarter from $114,382 in the comparable prior-year period. The company identified the lower average price as the primary reason digital-currency mining revenue declined despite the increase in Bitcoin received.

HIVE’s electricity costs rose to $45.6 million from $37.9 million a year earlier. The combination of lower mining revenue and higher electricity expense illustrates the operating pressure miners can face even when production rises.

• Bitcoin received from mining: 1,070 BTC, versus 718 BTC a year earlier.
• Digital-currency mining revenue: $76.0 million, versus $82.1 million.
• Electricity costs: $45.6 million, versus $37.9 million.

MARA cites lower average mined-Bitcoin price

MARA reported that the average price of mined Bitcoin fell 37%, which it cited as the primary driver of the decline in Bitcoin-mining revenue. The company’s $158.957 million in mining revenue was generated alongside a year-over-year increase in Bitcoin production.

Purchased-energy costs increased 12% to $48.124 million. This cost increase came as the company reported lower revenue both from mining and across its business overall.

• Bitcoin production: 2,247 BTC, up from 2,144 BTC.
• Bitcoin-mining revenue: $158.957 million, down 34%.
• Total revenue: $164.233 million, down 35%.
• Purchased-energy costs: $48.124 million, up 12%.

Infrastructure strategy remains part of the business model

MARA’s filing describes an operating model spanning Bitcoin mining, AI and high-performance computing, or HPC, as well as critical IT load. The filing says Bitcoin mining remains the foundation of the platform.

The quarterly figures underscore the sensitivity of mining revenue to the price received for Bitcoin. Production growth can increase the number of Bitcoin mined, but revenue remains dependent on the value realized for that output and the cost of supplying power.

Continue reading: Bitcoin falls below $75,000 as tech stocks rebound after jobs data on BTCNews.

Continue reading: U.S. spot Bitcoin ETFs post $643.2M in net outflows on BTCNews.

Sources

• U.S. Securities and Exchange Commission: HIVE Digital Technologies Ltd. Form 10-Q for the quarter ended September 30, 2026
• U.S. Securities and Exchange Commission: MARA Holdings, Inc. Form 10-Q for the quarter ended September 30, 2026
• Cointelegraph: HIVE, MARA mine more Bitcoin but earn less as crypto prices fall

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