MARA and Hut 8 profits surge in Q3 as Bitcoin reserves grow

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Bitcoin miners MARA Holdings and Hut 8 posted beardown third-quarter results connected Tuesday, with some reporting sharply higher profits and expanding Bitcoin reserves.

MARA’s gross climbed 92% year-over-year to $252 cardinal successful the 3rd 4th of 2025, swinging from a $125 cardinal nonaccomplishment to $123 cardinal successful nett income implicit the period, portion Hut 8’s revenue astir doubled to $83.5 cardinal with profits of $50.6 million.

Both miners besides strengthened their equilibrium sheets. MARA Holdings ended the 4th with 52,850 Bitcoin (BTC), astir doubling its reserves from 26,747 BTC a twelvemonth earlier. Hut 8 reported 13,696 BTC successful its strategical reserve, up from 9,106 BTC successful the aforesaid play past year.

The results item some companies’ continued diversification beyond Bitcoin mining into large-scale compute and vigor infrastructure. MARA described itself arsenic a “digital vigor and infrastructure” institution focused connected converting excess vigor into integer capital, including investments successful low-carbon AI information centers done its $168 cardinal acquisition of Exaion, a subsidiary of France’s state-owned inferior EDF.

Hut 8 is pursuing a akin path, with 1.02 gigawatts of capableness nether absorption and plans to grow to much than 2.5 gigawatts crossed North America arsenic it builds retired high-performance computing sites to service some Bitcoin and AI workloads.

The results appeared to autumn abbreviated of capitalist expectations, with some stocks trading little connected Tuesday. Hut 8 shares traded down astir 9%, portion MARA slides 5% astatine this writing.

Bitcoin traded adjacent $99,000, down astir 6% implicit the past 24 hours, according to Cointelegraph Markets Pro.

The US leads successful Bitcoin mining

Following China’s 2021 Bitcoin mining ban, overmuch of the industry’s hash powerfulness migrated to the US, which present accounts for an estimated 37% of planetary Bitcoin hashrate, making it the azygous largest mining hub successful the world. Six of the world’s 10 largest publically traded mining companies are based successful the US.

Texas has emerged arsenic the starring authorities for US Bitcoin mining, offering inexpensive electricity, abundant renewable power, and a business-friendly powerfulness grid. Major miners, including MARA, Riot Platforms, CleanSpark, Bitdeer, and Hut 8, run there, and it has adjacent been called “an oasis for Bitcoin” by US Senator Ted Cruz.

Meanwhile, immoderate states are inactive debating however to modulate the sector. In New Hampshire, the Senate Commerce Committee deadlocked Friday connected a measure to ease restrictions connected crypto mining, pursuing a surge successful nationalist feedback since the measurement was past discussed.

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