Bitcoin Miners Mara Holdings and Hut 8 posted strong third-quarter results on Tuesday, with both reporting higher profits and expanding bitcoin reserves.
I see Mara go up 92% year-over-year to $252 million in the third quarter of 2025, swinging from a $125 million loss to $123 million in net income during the period, while Hut 8’s Revenue It nearly doubled to $83.5 million with revenue of $50.6 million.
Both miners have also strengthened their balance sheets. Mara Holdings ended the quarter with 52,850 Bitcoin (BTC), nearly 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 same period last year.
The results highlight both companies continuing to diversify beyond bitcoin mining into large-scale computing and energy infrastructure. Mara describes itself as a “digital energy and infrastructure” company focused on converting excess energy into digital capital, including investments in Low-carbon AI data centers Through the $168 million acquisition of Exaion, a subsidiary of the French state-owned utility EDF.
Hut 8 is pursuing a similar path, with 1.02 gigawatts of capacity under management and plans to expand to more than 2.5 gigawatts across North America as it builds high-performance sites to serve both Bitcoin and AI workloads.
The results appeared to defy investor expectations, with both stocks trading lower on Tuesday. Hut 8 shares traded up about 9%, while Mara slides 5% as of this writing.
Bitcoin traded near $99,000, down nearly 6% in the past 24 hours, according to Cointelegraph Markets Pro.
Related: Bitcoin Slips Below $100k As Analysts Say BTC Is Set To Fall: Here’s Why
The US is leading Bitcoin mining
Following 2021 by China Bitcoin Mining Banmost of the industry’s hash power has moved to the US, which now accounts for an estimated 37% of global bitcoin Hashratemaking it the single largest mining hub in the world. Six of the ten largest mining companies in the world are based in the US.
Texas emerged as the top state for US Bitcoin Miningoffers cheap electricity, abundant renewable power, and an enterprise power grid. Major miners, including Mara, Riot Platform, CleanSpark, Bitdeer, and Hut 8, operate there, and it is even called “An oasis for Bitcoin“By Senator Ted Cruz.
Meanwhile, some states are still debating how to regulate the sector. In New Hampshire, the Senate Commerce Committee died Friday on a bill to Crypto mining restrictions are easyfollowing a surge in public comment since the proposal was last discussed.
Magazine: China officially hates StableCoins, DBS trades bitcoin options: Asia Express
