Original reporting published Nov. 10, 2026, at 08:42:39 UTC+08:00.
HIVE Digital Technologies produced more Bitcoin in the quarter ended Sept. 30, 2026, but the increase did not translate into higher mining revenue. Lower Bitcoin prices, rising electricity costs and an equipment write-down underscored the limits of production growth as a measure of business performance.
More Bitcoin, less mining revenue
According to HIVE’s latest regulatory filing, the company mined 1,070 Bitcoin, up 49% from 718 in the same quarter a year earlier. Mining revenue nevertheless declined 7.4% to $76 million, as the average Bitcoin price fell to $71,003 from $114,382 in the prior-year period.
Electricity costs rose to $45.6 million from $37.9 million as HIVE expanded its global mining capacity. The company also recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics.”
The production increase measures HIVE’s mining output—not growth in Bitcoin users, transactions or sustained adoption. In this quarter, higher output coincided with weaker mining revenue and a larger power bill.
AI hosting expands, while mining investment continues
HIVE’s high-performance computing (HPC) hosting revenue increased 71% to $8.8 million, representing 10.4% of quarterly revenue. The supplied report does not specify the comparison period for that growth rate or provide customer counts or retention data, limiting what it establishes about the durability of demand.
The company said it anticipated spending up to $493 million over 36 months to expand HPC operations, including land purchases, data center infrastructure and GPUs. It reported spending $145.3 million toward the expansion as of the filing. HIVE also planned to spend approximately $35 million converting its Toronto facility into a Tier-III data center.
That diversification did not mark an exit from Bitcoin mining. HIVE continued investing in mining infrastructure, targeting a 100-megawatt substation expansion at its Yguazú site in Paraguay during 2026.
The report placed HIVE’s results alongside pressure at other miners: American Bitcoin had reported weaker mining margins the previous week despite a treasury-driven quarterly profit, while Core Scientific said it planned to leave mining entirely by year-end.
Revenue beats estimates despite a year-over-year decline
HIVE reported fiscal second-quarter revenue of $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, narrower than the expected 16-cent loss. Separately, HIVE’s GAAP net loss was $78.7 million, or 29 cents per share.
According to Google Finance, HIVE’s Nasdaq-listed shares closed Monday’s regular session up 1.7% at $1.81, then fell 1.7% to $1.78 in after-hours trading.
The quarter’s central distinction is between expanding capacity and improving economics: HIVE increased Bitcoin production and grew HPC hosting revenue, but mining revenue still fell, electricity costs rose and the company recorded a substantial equipment write-down.
