Bitcoin miners MARA Holdings and Hut 8 have announced impressive third-quarter results, showing significant profit growth and an increase in Bitcoin reserves.

MARA’s revenue rose by 92% year-on-year to $252 million for Q3 2025, shifting from a $125 million loss to a $123 million profit during the same period. In parallel, Hut 8’s revenue nearly doubled to $83.5 million, with profits reported at $50.6 million.

Both companies have also enhanced their balance sheets. MARA Holdings closed the quarter with 52,850 BTC, which is almost double the 26,747 BTC it held the previous year. Likewise, Hut 8 holds 13,696 BTC, up from 9,106 BTC in the same timeframe last year.

These results reflect a strategic move for both entities as they diversify beyond traditional Bitcoin mining into substantial computing and energy frameworks. MARA describes itself as a “digital energy and infrastructure” entity focused on converting surplus energy into digital assets, further highlighted by its $168 million acquisition of Exaion, affiliated with the French state’s utility EDF.

On the other hand, Hut 8 is embarking on a similar journey, managing 1.02 gigawatts and planning to expand capacity to over 2.5 gigawatts across North America to support both Bitcoin and AI workloads.

However, despite these positive results, both companies’ stocks experienced declines, with Hut 8 shares dropping around 9% and MARA’s shares decreasing 5% as of the latest update. Meanwhile, Bitcoin was valued at approximately $99,000, reflecting a 6% drop in the past day, according to Cointelegraph Markets Pro.

The US Dominates Bitcoin Mining

Following the 2021 Bitcoin mining ban in China, a significant portion of hash power has relocated to the US, which now constitutes approximately 37% of the world’s Bitcoin hashrate, marking it as the largest mining hub globally. Notably, six of the ten biggest publicly traded mining firms are located in the US.

Texas has emerged as the front-runner in US Bitcoin mining, providing low electricity costs, an abundance of renewable energy, and a supportive business environment. Major miners such as MARA, Riot Platforms, CleanSpark, Bitdeer, and Hut 8 have operations here, with Senator Ted Cruz even referring to it as an “oasis for Bitcoin.”

As regulatory discussions unfold, some states, like New Hampshire, are yet to decide on measures aimed at easing restrictions on crypto mining due to a rise in public feedback since prior discussions on the legislation.