BlockBeats News, February 17 — Bitcoin mining company Hive announced that in the third quarter of its fiscal year ending December 31, 2025, the company’s revenue reached $93.1 million, a year-over-year increase of 219% and a quarter-over-quarter growth of 7%. In November last year, Hive also set a quarterly revenue record.
Hive attributed the revenue growth to the comprehensive expansion of its Bitcoin mining hash rate cluster and BUZZ high-performance computing platform. However, due to “accelerated depreciation related to Paraguay expansion and non-cash revaluation adjustments,” Hive Mining Company reported a net loss of $91.3 million, which undermined its success in revenue growth.
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Miners are no longer mining Bitcoin; they are selling electricity to AI.
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Mining one Bitcoin costs $87,000. When sold, the market only pays you $67,000.
For each Bitcoin mined, you net a loss of $20,000. It’s not just losing on fees or electricity fluctuations; it’s a solid loss—losing $20,000 for every Bitcoin produced. This is the reality in March 2026. Data from Glassnode and MacroMicro both point to the same conclusion: Bitcoin mining, at current prices, is a losing business.
But miners aren’t just sitting around waiting to die. They’ve made a choice that the entire market didn’t expect—they’re stopping mining and selling electricity to AI.
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