Why Bitcoin Miners MARA and Hut 8 Are Crushing It (But Still Not Enough for Investors)

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So, guess what? Bitcoin miners MARA Holdings and Hut 8 are absolutely crushing it in the third quarter, proving that all that mining is finally paying off (for some people). On Tuesday, both companies announced some seriously impressive results with their profits doing a major glow-up. Cue the confetti! 🎉

MARA’s revenue soared 92% year-over-year to a whopping $252 million in Q3 of 2025. That’s right, folks-huge leap from a $125 million loss to a cool $123 million in net income. No big deal, just casually reversing a quarter-billion-dollar deficit, right? Meanwhile, Hut 8 doubled its revenue to $83.5 million, with a nice little profit of $50.6 million to keep things spicy. 🍕

And if you think that’s all, hold your horses! Both companies managed to fatten up their Bitcoin reserves like they were prepping for winter. MARA’s stash grew to 52,850 BTC, almost double the 26,747 BTC it had last year. Hut 8’s got 13,696 BTC in its strategic reserve, up from 9,106 BTC last year. Someone’s been hitting the gym. 🏋️‍♂️

But wait, there’s more! These miners aren’t just about stacking Bitcoin like it’s Black Friday. They’re diversifying their portfolios, expanding beyond Bitcoin mining into big, fancy infrastructure stuff. MARA is now calling itself a “digital energy and infrastructure” company. Translation? They’re using that sweet, sweet excess energy to fuel their digital empire, including investing $168 million in low-carbon AI data centers through their Exaion acquisition. Yup, MARA’s going green, but like, the cool, techy kind of green. 💡🌱

Hut 8 isn’t about to be left behind in the race for “most futuristic mining company.” They’re running 1.02 gigawatts of capacity and plan to more than double that across North America. Why? Because they need to power their Bitcoin and AI workloads-because who doesn’t love a little AI-powered Bitcoin, am I right? 🤖

Now, for the fun part-despite all this obvious success, both companies saw their stock prices take a nosedive. Hut 8 shares dropped 9%, and MARA slid 5%. Guess investors were hoping for a little more than just “record profits” and “expanding reserves.” Maybe they were looking for an actual space shuttle to the moon? 🚀

Oh, and speaking of the moon, Bitcoin was sitting pretty at about $99,000. But don’t get too excited; it’s down 6% over the past 24 hours. Which, you know, just proves that crypto is like your drunk uncle at Thanksgiving-up and down, but mostly just unpredictable. 🍻

The US Leads in Bitcoin Mining (And Apparently Everything Else)

Since China decided to be the Grinch of Bitcoin mining in 2021, the U.S. has taken over the crown, now controlling an estimated 37% of global Bitcoin hashrate. Yes, you heard that right. The U.S. is the biggest Bitcoin mining hub in the world. Six of the top ten publicly traded mining companies? You guessed it-all based in the good ol’ U.S. of A. 🇺🇸

And where is all this Bitcoin magic happening? In Texas, of course. Texas is the state where everything’s bigger, including Bitcoin mining. With cheap electricity, a mountain of renewable power, and a business-friendly power grid, Texas is the ultimate oasis for Bitcoin. Senator Ted Cruz even called it the “Bitcoin haven.” Because, yeah, when you think about a state, you totally think Bitcoin before anything else. 🤠

Meanwhile, in other parts of the country, some states are still struggling with how to regulate Bitcoin mining. New Hampshire, for example, couldn’t decide whether or not to ease restrictions on crypto mining. But hey, it’s New Hampshire-everyone’s too busy deciding which maple syrup is best to care about Bitcoin. 😜

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2025-11-05 00:58