Several publicly traded bitcoin miners reported third-quarter earnings, with Hut 8, Bitfarms, and HIVE Digital Technologies providing updates. Hut 8 reported revenue of $43.7 million, beating estimates, and doubled its year-ago figure. HIVE Digital Technologies showed adjusted EBITDA of $5.6 million and a net loss from continuing operations of $7.7 million. Bitfarms reported third-quarter revenue of $45 million, up 8% from the prior quarter.

Several publicly traded bitcoin miners reported third-quarter earnings Wednesday morning as the industry continues to grapple with post-halving economics.Hut 8 (ticker HUT) reported revenue of $43.7 million, which beat estimates by about $5.5 million and nearly doubled the year-ago figure, and 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 said 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 with a market value of $576.5 million and total cash of $72.9 million as of Sept. 30.“Our long-term vision is to build a digital infrastructure platform that not only meets the demands of today but is also engineered for the technologies and breakthroughs of tomorrow," CEO Asher Genoot said in a press release. "Our partnership with BITMAIN to develop and launch the U3S21EXPH at our 205 MW Vega site exemplifies our dual focus on technological and commercial innovation.”Hut 8's stock was trading higher by 8% at publication time. Shares have appreciated more than 105% year to date. It has a market cap of $2.5 billion.HIVE Digital Technologies (HIVE), which reported results for its fiscal second quarter of 2025, showed adjusted EBITDA of $5.6 million for the quarter and net loss from continuing operations of $7.7 million after tax, or a loss of $0.06 per share. The company reported a total revenue of $22.6 million, which missed the consensus estimate of $25.6 million. Net loss before tax was $7.3 million, an improvement over the $22.9 million loss in the same period last year.The company said the main differences between adjusted EBITDA and net loss from continuing operations for the period were primarily due to non-cash charges, which included $16.1 million in depreciation and $2.2 million in stock-based compensation. Additionally, a one-time gain of $5.2 million from the sale of mining assets was excluded.HIVE mined 340 bitcoin during the quarter and holds 2,604 bitcoin. As of the end of the quarter, its total digital currency assets were valued at $165.2 million, using a bitcoin price of $63,300."I am proud of our team's success in achieving a 5% reduction in SG&A expenses year-over-year, bringing them down to $3.4 million this quarter from $3.6 million last year," President and CEO Aydin Kilic said in the release. "Even more remarkable is that we accomplished this while increasing our Bitcoin mining capacity by 45%, growing from 3.8 EH/s to 5.6 EH/s over the same period. Additionally, our high-performance computing (HPC) revenue has seen an impressive 8x growth, all while keeping our SG&A costs lower than the previous year."HIVE's stock was down about 2% early Wednesday, though up 16% year-to-date. It has a market cap of $650 million.Bitfarms (BITF) reported third-quarter revenue of $45 million, which was up 8% from the prior quarter but just below analyst estimates. Its net loss was $37 million, or $(0.08) per basic and diluted share, including a $6 million non-cash gain for revaluating warrant liabilities in connection with 2023 financing activities.Adjusted EBITDA was $6 million, or 14% of revenue, down from $12 million in the second quarter.Bitfarms had total liquidity of $146 million, comprised of $73 million in cash and 1,147 BTC valued at $73 million based on a BTC price of $63,300 on Sept. 30. As of Oct. 31, the company held 1,188 BTC. It added 41 BTC to the treasury in October, for a total of 1,188 BTC held in its treasury.“Despite third quarter headwinds of record low hashprices for the Bitcoin mining industry, a 62% year-over-year increase in network difficulty, and the first full quarter following the April Halving Event, our mining operations remained profitable and continued to drive free cash flow," said CFO Jeff LCUas. "While we achieved our year-end efficiency target of 21 w/TH in the third quarter, shipping delays and continued miner servicing of our Bitmain T21s impacted our ability to reach 21 EH/s in 2024. We are working closely with Bitmain on warranty servicing and miner upgrades and expect to reach 21 EH/s in the first half of 2025.”Bitfarms' stock was down 5.5% in Wednesday's session and down more than 10% year-to-date. As of Nov. 13, its market cap was $1.1 billion.

Bitcoin Miners Hut 8, Bitfarms, and HIVE Digital Report Q3 Earnings