HIVE Digital Technologies mined more Bitcoin in the quarter ended Sept. 30, 2026, but the additional production did not translate into higher mining revenue. Lower Bitcoin prices outweighed the output increase, while the company’s electricity bill rose as it expanded capacity.
According to its latest regulatory filing, cited by Cointelegraph, HIVE produced 1,070 BTC during the quarter, up 49% from 718 BTC a year earlier. Mining revenue nevertheless fell 7.4% to $76 million.
Historical reporting context: the original article was published on Nov. 10, 2026, at 08:42:39 UTC+08:00.
Mining operations: more production, weaker revenue
The reported average Bitcoin price fell to $71,003 from $114,382 in the prior-year period. Alongside that price decline, HIVE reported:
- Electricity costs of $45.6 million, up from $37.9 million as global mining capacity expanded.
- A $31.2 million noncash write-down on mining equipment, attributed to “depressed mining economics.”
The electricity expense is an operating cost; the equipment write-down is a separate, noncash charge. Neither should be confused with the company’s planned capital spending on computing and infrastructure.
The results came amid pressure elsewhere in the mining sector. The source reported that American Bitcoin had disclosed weaker mining margins the previous week despite a treasury-driven quarterly profit. Core Scientific, meanwhile, said it planned to leave mining entirely by year-end.
HPC expansion alongside continued mining investment
HIVE was pursuing both high-performance computing and Bitcoin mining rather than exiting mining. Its HPC hosting revenue increased 71% to $8.8 million, representing 10.4% of quarterly revenue.
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 having spent $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 figures describe spending plans and an infrastructure target, not completed capacity additions.
Revenue beats estimates, but losses remain
For its fiscal second quarter, HIVE reported total 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, versus expectations for a 16-cent loss. Separately, HIVE’s GAAP net loss was $78.7 million, or 29 cents per share.
According to Google Finance figures cited in the original report, HIVE’s Nasdaq-listed shares fell 1.7% to $1.78 in Monday’s after-hours trading, after finishing the regular session up 1.7% at $1.81.