HIVE Digital Technologies and MARA Holdings mined more Bitcoin in the September quarter than a year earlier but reported lower mining revenue, as weaker Bitcoin prices outweighed gains in production.

According to their latest regulatory filings, HIVE’s Bitcoin production increased 49% to 1,070 Bitcoin (BTC), while mining revenue fell 7.4% to $76 million. MARA reported a similar pattern, with production rising 5% to 2,247 BTC and Bitcoin mining revenue dropping 34% to $159 million.

Both companies reported higher power bills and equipment charges. HIVE’s electricity costs rose 20% to $45.6 million, while MARA’s purchased energy costs increased 12% to $48.1 million as it expanded its owned mining operations.

HIVE also recorded a $31.2…