Crypto

Bitcoin miners MARA and HIVE mine more but earn less

Bitcoin miners MARA and HIVE mined more coins in the third quarter but earned less as prices fell. MARA sold 13,597 bitcoin, and each of its shares now carries less of the coin.

Illustration: Rows of humming mining computers in a dark server hall, fans spinning and cyan light spilling across a wet concrete floor at night.
Illustration

MARA Holdings and HIVE mined more bitcoin in the third quarter, yet both brought in less revenue as prices slid. HIVE's output rose 49%, though its mining revenue still fell.

MARA posted a $632.1 million profit for the quarter. Gains on its bitcoin holdings offset the fall in revenue.

Bitcoin$68,940down −17.05%over 1 month
$84,082$68,94314 Oct13 Nov

Prices by CoinGecko. Past moves say nothing about future ones.

MARA sold 13,597 bitcoin after the quarter closed, raising about $1.1 billion. That equals about 40% of the 34,012 BTC it held on September 30. Its third-quarter letter to shareholders, released Monday, says more sales are expected.

MARA bitcoin sold versus held

  • Sold after quarter13,597 BTC
  • Held on September 3034,012 BTC

MARA's own figures, from its shareholder letter.

For shareholders, each share now carries less bitcoin, because the coins are going toward debt. Bitcoin is a digital currency that exists only as records kept on computer networks.

$1,000 in Bitcoin

Had you put $ into Bitcoin a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

GuideCrypto Fear and Greed Index today: how fearful or greedy the crypto market is

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