Bitcoin miners MARA Holdings and Hut 8 posted real third-quarter results on Tuesday, with every reporting sharply higher earnings and expanding Bitcoin reserves.
MARA’s revenue climbed 92% year-over-year to $252 million in the third quarter of 2025, swinging from a $125 million loss to $123 million in to find earnings over the length, whereas Hut 8’s revenue almost doubled to $83.5 million with earnings of $50.6 million.
Each miners additionally reinforced their balance sheets. MARA Holdings ended the quarter with 52,850 Bitcoin (BTC), almost doubling its reserves from 26,747 BTC a year earlier. Hut 8 reported 13,696 BTC in its strategic reserve, up from 9,106 BTC in the identical length last year.
The results highlight every companies’ continued diversification past Bitcoin mining into bright-scale compute and energy infrastructure. MARA described itself as a “digital energy and infrastructure” firm enraged about changing extra energy into digital capital, including investments in low-carbon AI recordsdata centers thru its $168 million acquisition of Exaion, a subsidiary of France’s tell-owned utility EDF.
Hut 8 is pursuing a identical path, with 1.02 gigawatts of skill below administration and plans to construct better to better than 2.5 gigawatts at some stage in North The usa because it builds out high-efficiency computing sites to assist every Bitcoin and AI workloads.
The results regarded to tumble attempting investor expectations, with every shares procuring and selling decrease on Tuesday. Hut 8 shares traded down about 9%, whereas MARA slides 5% at this writing.
Bitcoin traded shut to $99,000, down roughly 6% over the past 24 hours, essentially based on Cointelegraph Markets Authentic.
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The US leads in Bitcoin mining
Following China’s 2021 Bitcoin mining ban, powerful of the industry’s hash vitality migrated to the US, which now accounts for an estimated 37% of global Bitcoin hashrate, making it the single largest mining hub on this planet. Six of the sphere’s ten largest publicly traded mining companies are essentially based in the US.
Texas has emerged because the main tell for US Bitcoin mining, offering low-rate electricity, abundant renewable vitality, and a commercial-pleasant vitality grid. Well-known miners, including MARA, Insurrection Platforms, CleanSpark, Bitdeer, and Hut 8, characteristic there, and it has even been known as “an oasis for Bitcoin” by US Senator Ted Cruz.
Within the period in-between, some states are aloof debating have an eye on the sphere. In Unique Hampshire, the Senate Commerce Committee deadlocked Friday on a invoice to ease restrictions on crypto mining, following a surge in public feedback for the reason that measure used to be last mentioned.
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