Bitcoin miners boost output but face lower revenue amid falling prices and rising costs

Bitcoin miners HIVE Digital Technologies and MARA Holdings increased their Bitcoin production in the September quarter compared to last year. However, both companies saw a decline in mining revenue due to a significant drop in Bitcoin prices and rising electricity costs. HIVE's mining revenue fell 7.4% despite a 49% increase in production, while MARA's revenue dropped 35% with only modest production growth. Both miners are shifting focus toward high-performance computing and AI infrastructure, with HIVE planning nearly $500 million in HPC investments over three years. These results highlight risks for investors from volatile Bitcoin prices, rising operational costs, and accounting fluctuations related to unrealized gains on Bitcoin holdings.

Following the report on HIVE Digital Technologies' increased Bitcoin production but lower revenue, HIVE shares are currently trading at Rp780 on Pluang, showing a positive 3.23% change as of Nov 10, 2026 09:02 WIB. The market cap stands at Rp458.68 million with a 24-hour trading volume of Rp6.72 million, reflecting active investor interest despite the challenges in mining revenue.