Source published Nov. 10, 2026, at 08:42:39 UTC+8.
HIVE Digital Technologies mined 49% more Bitcoin in the quarter ended Sept. 30, 2026, than a year earlier, but its mining revenue still declined. Lower average Bitcoin prices outweighed the production gains, while electricity costs climbed.
According to the company’s latest regulatory filing, HIVE produced 1,070 BTC, up from 718 BTC in the same quarter a year earlier. Mining revenue fell 7.4% to $76 million as the average Bitcoin price dropped to $71,003 from $114,382.
More production, tougher economics
HIVE’s electricity costs increased to $45.6 million from $37.9 million as it expanded its global mining capacity. The company also recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics.”
The results illustrate why higher Bitcoin output alone does not establish that a miner’s business is improving. HIVE produced more coins, but lower prices and a larger power bill pressured the economics behind that growth.
The source report also pointed to pressure elsewhere in the sector: American Bitcoin had reported weaker mining margins the previous week despite a treasury-driven quarterly profit, while Core Scientific said it planned to exit mining entirely by year-end.
AI expansion alongside continued mining investment
HIVE is expanding its AI computing business without abandoning Bitcoin production. Its high-performance computing, or HPC, hosting revenue rose 71% to $8.8 million in the quarter, representing 10.4% of total quarterly revenue.
The company said it anticipated spending up to $493 million over 36 months on HPC expansion, including land, data center infrastructure and GPUs. It reported spending $145.3 million toward that expansion as of the filing.
HIVE also planned to spend about $35 million converting its Toronto facility into a Tier-III data center. On the mining side, it was targeting a 100-megawatt substation expansion at its Yguazú site in Paraguay during 2026. These were spending plans and expansion targets, not completed outcomes.
Revenue beats estimates, but losses remain
Fiscal second-quarter revenue totaled $84.9 million, down 2.7% year over year but above the $79.4 million consensus estimate listed by MarketBeat. MarketBeat reported an adjusted loss of 15 cents per share on its analyst comparison measure, better than the expected 16-cent loss.
HIVE’s GAAP net loss was $78.7 million, or 29 cents per share.
According to Google Finance, HIVE’s Nasdaq-listed shares fell 1.7% to $1.78 in Monday’s after-hours trading after closing the regular session up 1.7% at $1.81. That short-term share move is separate from the longer-term question of whether HPC growth and additional mining capacity can improve the company’s financial performance.