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Bitcoin Miners MARA and Hut 8 Double Bitcoin Reserves in Strong Third Quarter
MARA Holdings reported a record quarterly revenue of $252 million for the third quarter of 2025, marking a 92% increase compared to the previous year. The company achieved a net profit of $123 million, a significant turnaround from a loss of $125 million in the same period last year. Hut 8 also posted impressive results, nearly doubling its revenue to $83.5 million and achieving a profit of $50.6 million.
Both miners significantly increased their Bitcoin reserves during the quarter. MARA doubled its holdings from 26,747 to 52,850 coins, while Hut 8 grew its reserves from 9,106 to 13,696 coins. CEO Fred Thiel emphasized the company's evolution beyond mere mining, describing MARA as a digital energy and infrastructure company that transforms energy into value and intelligence.
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“We see electrons as the critical resource of the modern economy,” stated CEO Fred Thiel.
After the quarter ended, MARA installed its first AI inference racks at its facility in Granbury, Texas, and announced a partnership with MPLX to access low-cost natural gas sources for planned power plants and data centers in West Texas. These initiatives position MARA for both Bitcoin mining and AI workloads.
MARA acquired a majority stake in Exaion, a subsidiary of the French state-owned EDF, for $168 million, granting access to low-carbon AI data centers. Thiel noted that the company is focused on integrating the energy pathways of Bitcoin and AI on a unified platform. Hut 8 currently operates a capacity of 1.02 gigawatts and plans to expand to over 2.5 gigawatts across North America, building high-performance data centers to meet both mining and AI infrastructure needs.
Despite strong financial results, shares of both companies fell on Tuesday as investors had higher expectations.
Key Takeaways:
- MARA's revenue reached $252 million, with a net profit of $123 million.
- Hut 8's revenue nearly doubled to $83.5 million, with a profit of $50.6 million.
- MARA's Bitcoin reserves increased to 52,850 coins, while Hut 8's rose to 13,696 coins.
Cango Aims to Strengthen Bitcoin Mining Operations and Enter AI HPC Market
The Chinese automotive trading company Cango, which transitioned to Bitcoin mining, has announced plans to optimize its Bitcoin mining operations by improving uptime and energy efficiency. The company is also targeting an entry into the AI high-performance computing (HPC) market, which involves technology for complex AI tasks such as training large language models and analyzing massive datasets.
Cango's board has approved a direct listing on the New York Stock Exchange, expected to go live on November 17. The company previously invested $400 million to acquire 50 exahashes per second (EH/s) of mining power and has since expanded its Bitcoin holdings to over 6,400 BTC, valued at approximately $656 million.
As of Wednesday, CANG shares were trading at $3.55, reflecting a 27% increase year-over-year but approximately 50% below the $5 to $5.50 range seen during much of the summer.
Key Takeaways:
- Cango is prioritizing the optimization of its Bitcoin mining operations.
- The company plans to enter the AI HPC market to support complex AI tasks.
- Cango's Bitcoin holdings have grown to over 6,400 BTC, valued at around $656 million.
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