Bitcoin miners MARA Holdings and Hut 8 posted sturdy third-quarter outcomes on Tuesday, with each reporting sharply greater earnings and increasing Bitcoin reserves.
MARA’s income climbed 92% year-over-year to $252 million within the third quarter of 2025, swinging from a $125 million loss to $123 million in internet earnings over the interval, whereas Hut 8’s income practically doubled to $83.5 million with earnings of $50.6 million.
Each miners additionally strengthened their steadiness sheets. MARA Holdings ended the quarter with 52,850 Bitcoin (BTC), practically doubling its reserves from 26,747 BTC a yr earlier. Hut 8 reported 13,696 BTC in its strategic reserve, up from 9,106 BTC in the identical interval final yr.
The outcomes spotlight each corporations’ continued diversification past Bitcoin mining into large-scale compute and power infrastructure. MARA described itself as a “digital power and infrastructure” firm targeted on changing extra power into digital capital, together with investments in low-carbon AI knowledge facilities by its $168 million acquisition of Exaion, a subsidiary of France’s state-owned utility EDF.
Hut 8 is pursuing an identical path, with 1.02 gigawatts of capability underneath administration and plans to broaden to greater than 2.5 gigawatts throughout North America because it builds out high-performance computing websites to serve each Bitcoin and AI workloads.
The outcomes appeared to fall in need of investor expectations, with each shares buying and selling decrease on Tuesday. Hut 8 shares traded down about 9%, whereas MARA slides 5% at this writing.
Bitcoin traded close to $99,000, down roughly 6% over the previous 24 hours, in accordance with Cointelegraph Markets Professional.
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The US leads in Bitcoin mining
Following China’s 2021 Bitcoin mining ban, a lot of the business’s hash energy migrated to the US, which now accounts for an estimated 37% of worldwide Bitcoin hashrate, making it the only largest mining hub on this planet. Six of the world’s ten largest publicly traded mining corporations are based mostly within the US.
Texas has emerged because the main state for US Bitcoin mining, providing low-cost electrical energy, ample renewable energy, and a business-friendly energy grid. Main miners, together with MARA, Riot Platforms, CleanSpark, Bitdeer, and Hut 8, function there, and it has even been known as “an oasis for Bitcoin” by US Senator Ted Cruz.
In the meantime, some states are nonetheless debating the way to regulate the sector. In New Hampshire, the Senate Commerce Committee deadlocked Friday on a invoice to ease restrictions on crypto mining, following a surge in public suggestions for the reason that measure was final mentioned.
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