HIVE Digital Technologies mined more bitcoin in the quarter ended September 30, 2026, but lower bitcoin prices and higher electricity costs weighed on its mining business, according to a ChainCatcher report published November 10, 2026, at 08:50:49 UTC+8.
Mining output rises, revenue falls
HIVE produced 1,070 BTC during its second fiscal quarter, up 49% from 718 BTC a year earlier. Mining revenue nevertheless fell 7.4% to $76 million as the average bitcoin price declined from $114,382 to $71,003.
Electricity costs rose from $37.9 million to $45.6 million as the company expanded its global mining capacity. Separately, HIVE recorded a $31.2 million noncash impairment on mining equipment, citing weak mining economics. That accounting charge is distinct from its ongoing power expenses.
HPC expansion requires substantial capital
High-performance computing (HPC) hosting revenue increased 71% to $8.8 million, representing 10.4% of quarterly revenue.
HIVE plans to invest up to $493 million over 36 months to expand its HPC business. As of the filing, it had invested $145.3 million. It also plans to spend approximately $35 million converting its Toronto facility into a Tier-III data center.
Quarterly loss despite revenue beating expectations
Total second-quarter revenue was $84.9 million, down 2.7% year over year but above market expectations of $79.4 million. HIVE reported a GAAP net loss of $78.7 million, or $0.29 per share.
Its Nasdaq-listed shares fell 1.7% to $1.78 in Monday’s after-hours trading, according to the report.
ChainCatcher placed the results alongside other signs of pressure on mining economics: American Bitcoin had reported weaker mining margins the preceding week, while Core Scientific planned to exit mining entirely by the end of 2026.