HIVE also recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics,” while MARA separately wrote off $12 million involving mining rigs and equipment under restructuring plans.

Both results add to signs of pressure on Bitcoin mining economics. American Bitcoin last week reported weaker mining margins despite a treasury-driven quarterly profit, while Core Scientific said it plans to leave mining entirely by year-end.

HIVE and MARA expand AI businesses alongside mining

Unlike Core Scientific, HIVE and MARA are both continuing to invest in Bitcoin mining alongside artificial intelligence and high-performance computing.

HIVE’s HPC hosting revenue rose 71% to $8.8 million in the September…