Major Bitcoin mining companies, such as Marathon Digital, Bitfarms, TeraWulf, and HIVE Digital, reported considerable net losses during Q3, even though they saw increases in revenue.
Marathon Digital experienced a net loss of $124.8 million, despite a 35% revenue increase to $131.6 million. Bitfarms also reported a loss of $37 million with revenue of $45 million.
TeraWulf's revenue rose by 42.8% to $27.1 million, yet the company still reported a loss of $22.7 million. HIVE Digital managed to narrow losses to $7.3 million but remains unprofitable.
The main factors contributing to these losses were rising operating expenses and intense competition within the industry. Analysts suggest that a focus on optimizing operations and cutting costs are necessary steps for these companies to regain profitability.
