Bitcoin miners MARA Holdings and Hut 8 posted strong third-quarter results on Tuesday, with both reporting sharply higher profits 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 net income over the period. Hut 8’s revenue nearly doubled to $83.5 million with profits of $50.6 million.
Both miners 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’ continued diversification beyond Bitcoin mining into large-scale compute and energy infrastructure. MARA described 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 its $168 million acquisition of Exaion, a subsidiary of France’s 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 out high-performance computing sites to serve both Bitcoin and AI workloads.
The results didn’t appear to meet investors’ expectations, with the companies’ stocks traded lower on Tuesday. Hut 8 shares traded down about 9%, while MARA slid 5% at this writing.
Bitcoin traded near $99,000, down roughly 6% over the past 24 hours, according to Cointelegraph Markets Pro.
The US Leads in Bitcoin Mining
Following China’s 2021 Bitcoin mining ban, much of the industry’s hash power migrated to the US, which now accounts for an estimated 37% of global Bitcoin hashrate, making it the single largest mining hub in the world. Six of the world’s ten largest publicly traded mining companies are based in the US.
Texas has emerged as the leading state for US Bitcoin mining, offering cheap electricity, abundant renewable power, and a business-friendly power grid. Major miners, including MARA, Riot Platforms, CleanSpark, Bitdeer, and Hut 8, operate there, and it has even been called “an oasis for Bitcoin” by US Senator Ted Cruz.
Meanwhile, some states are still debating how to regulate the sector. In New Hampshire, the Senate Commerce Committee deadlocked Friday on a bill to ease restrictions on crypto mining, following a surge in public feedback since the measure was last discussed.