Crypto mining companies Hive Digital Technologies and Mara Holdings increased bitcoin production in the September quarter, but mining revenue fell in tandem as bitcoin prices weakened. Cointelegraph reported on Monday that power and equipment costs also rose as the two companies expanded their AI infrastructure businesses.

Hive produced 1,070 bitcoin, up 49 percent from a year earlier, but mining revenue fell 7.4 percent to $76 million. Mara posted output of 2,247 bitcoin, up 5 percent, but bitcoin mining revenue fell 34 percent to $159 million.

Cost pressures also grew. Hive’s electricity bill rose 20 percent to $45.6 million, while Mara’s purchased power costs climbed 12 percent to $48.1 million as it expanded in-house mining operations. Hive booked a $31.2 million non-cash impairment charge on mining equipment, citing worsening mining economics. Mara wrote off $12 million related to mining equipment and facilities under a restructuring plan.

The two companies are continuing investments in AI and high-performance computing infrastructure without cutting back on mining. Hive’s high-performance computing hosting revenue rose 71 percent to $8.8 million, accounting for 10.4 percent of total revenue. Hive plans to invest up to $493 million over the next 36 months to expand the business, and had spent $145.3 million as of the disclosure date. It will also spend about $35 million more to convert its Toronto facility into a Tier 3 data center and will pursue an expansion of a 100-megawatt substation at its Iguazu site in Paraguay in 2026.

Mara is also developing AI infrastructure through cooperation between its subsidiary Exaion and Starwood Digital Ventures. It plans to operate sites where workloads can be shifted depending on economics, demand and power-grid conditions, while keeping bitcoin mining as the foundation of the platform.

Results were mixed. Hive’s fiscal second-quarter revenue fell 2.7 percent from a year earlier to $84.9 million, but topped the market estimate of $79.4 million. Hive shares closed up 1.7 percent at $1.81 in regular trading on Monday, then fell 1.7 percent to $1.78 in after-hours trading. Mara’s net income attributable to common shareholders rose to $634.4 million from $123.1 million a year earlier, but quarterly revenue fell 35 percent to $164.2 million. Its shares were little changed at $6.64 in after-hours trading.