bitcoinFeature
HIVE, MARA mine more Bitcoin but earn less as crypto prices fall
Both miners reported higher Bitcoin production but lower mining revenue and rising electricity costs as they expanded their AI infrastructure businesses.
Reported by 2 outlets · CoinTelegraph · cryptobriefing.com
Both also brought in less mining revenue for their trouble. The culprit is simple: Bitcoin got cheaper faster than the miners could produce more of it.
HIVE produced 1,070 BTC during the quarter, up 49% from 718 BTC in the same period a year earlier. HIVE's mining revenue fell 7.4% to $76 million.
The math gets clearer when you look at the price HIVE actually received for its coins. The company's average realized Bitcoin price was $71,003, compared with $114,382 a year earlier.
Costs moved the wrong way too. HIVE's electricity bill climbed to $45.6 million, and the company took a $31.2 million non-cash impairment on its mining equipment. The company mined 2,247 BTC, which the research describes as modest growth from a year earlier.
