HIVE and MARA mine more Bitcoin but earn less as prices fall

The divergence here is the real story: more coins mined, less money earned. That combination suggests the economics of mining are being squeezed from both sides — output growth is not translating into revenue growth when prices fall and power bills climb. What makes it notable is the timing, with both firms pushing into AI infrastructure while their core mining margins compress. Whether that diversification offsets the mining squeeze, and whether electricity costs keep climbing, is the open question worth watching.