The pair announced the contribution on Tuesday, November 13, noting the funds would benefit The Malibu Foundation via The Happy Hippie Foundation, Cyrus' charity which focuses on homelessness among LGBTQ youth.
"Miley and Liam lost their home but are very grateful to be safe along with their animals!" the couple's representative said in a statement. "Their community and state are very special to them and they want to give back to the place that has created so many beautiful memories for themselves and others."
"They are donating $500,000 to The Malibu Foundation through Miley's charity, Happy Hippie, in hopes to restore Malibu's magic. These funds will be used for those in financial need, emergency relief assistance, community rebuilding, wildfire prevention and climate change resilience. Those looking to get involved, your time, support and donations are greatly appreciated."
Earlier in the day, "The Hunger Games" star took to Instagram to share an image of the rubble that was the couple's Malibu home. The place was completely gutted, but Liam found paving slabs that spelled out 'L.O.V.E' and propped them up for his eye-catching shot, which he posted on Twitter.
"It's been a heartbreaking few days," Hemsworth wrote underneath. "This is what's left of my house. Love."
Miley revealed her home had been destroyed by the blaze on Sunday, writing, "Completely devastated by the fires affecting my community. I am one of the lucky ones. My animals and LOVE OF MY LIFE made it out safely & that's all that matters right now."
"My house no longer stands but the memories shared with family & friends stand strong. I am grateful for all I have left. Sending so much love and gratitude to the firefighters and LA country Sheriff's department!"
The fire is still blazing after ripping through over 96,000 acres. Firefighters have revealed the blaze, which has wrecked over 440 structures, is 35 per cent contained.