Bitcoin Miners Q3 Earnings Report

Several publicly traded bitcoin miners reported third-quarter earnings Wednesday morning as the industry continues to grapple with post-halving economics.

Hut 8 (HUT)

Hut 8 reported revenue of $43.7 million, beating estimates by $5.5 million and nearly doubling the year-ago figure, with adjusted EBITDA of $5.6 million. Its GAAP earnings came in at $0.01 per share, well ahead of estimates that called for a loss of $0.29 per share according to MarketWatch.

Hut 8's energy cost per MWh was $28.83, a 33% decrease from $42.73 in the prior year period. The company holds 9,106 bitcoin in reserve, valued at $576.5 million, and total cash of $72.9 million as of Sept. 30.

CEO Asher Genoot expressed the long-term vision: "Our long-term vision is to build a digital infrastructure platform that meets today's demands and is engineered for future technologies and breakthroughs." Hut 8's stock traded 8% higher at publication time, with a 105% year-to-date appreciation, leading to a market cap of $2.5 billion.

HIVE Digital Technologies (HIVE)

HIVE reported results for its fiscal second quarter of 2025, showcasing adjusted EBITDA of $5.6 million and a net loss of $7.7 million after tax, or a loss of $0.06 per share. Total revenue was $22.6 million, falling short of the consensus estimate of $25.6 million. Its net loss before tax was $7.3 million, an improvement over the $22.9 million loss last year.

The differences between adjusted EBITDA and net loss were mainly due to non-cash charges, including $16.1 million in depreciation and $2.2 million in stock-based compensation.

HIVE mined 340 bitcoin during the quarter and currently holds 2,604 bitcoin, with a total digital currency asset value of $165.2 million at a bitcoin price of $63,300. CEO Aydin Kilic remarked on the 5% reduction in SG&A expenses year-over-year, while increasing mining capacity by 45%. HIVE's stock was down 2% early Wednesday but up 16% year-to-date, with a market cap of $650 million.

Bitfarms (BITF)

Bitfarms reported third-quarter revenue of $45 million, an 8% increase from the prior quarter, but just below analyst estimates. The net loss was $37 million, or $(0.08) per share, including a $6 million non-cash gain. Adjusted EBITDA was $6 million, or 14% of revenue, a decrease from $12 million in the second quarter.

Bitfarms had total liquidity of $146 million, with $73 million in cash and 1,147 BTC valued at $73 million. As of Oct. 31, the company held 1,188 BTC.

CFO Jeff LCUas highlighted the challenges, stating, "Despite record low hash prices and a 62% year-over-year increase in network difficulty, our mining operations remained profitable." Bitfarms' stock was down 5.5% Wednesday and is down more than 10% year-to-date, with a market cap of $1.1 billion.