HIVE Digital Technologies saw a significant increase in Bitcoin production during the September quarter, but lower Bitcoin prices offset the gains, leading to a decline in mining revenue. The company produced 1,070 Bitcoin in the three months ended Sept. 30, 2026, a 49% jump from 718 Bitcoin a year earlier. However, mining revenue dropped 7.4% to $76 million as the average price of Bitcoin fell to $71,003 from $114,382 in the prior-year period.
The weaker revenue came alongside rising electricity costs, which increased 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.” These results reflect broader pressures on Bitcoin mining economics, with other companies like American Bitcoin and Core Scientific also reporting challenges.
HIVE is taking a different approach by expanding its AI computing business while continuing to invest in Bitcoin production. In the latest quarter, HIVE’s HPC hosting revenue rose 71% to $8.8 million, accounting for 10.4% of its quarterly revenue. The company plans to spend up to $493 million over 36 months to expand its HPC operations, including acquiring land, building data center infrastructure, and purchasing GPUs.
Despite reporting fiscal second-quarter revenue of $84.9 million, down 2.7% from a year earlier but above estimates, HIVE’s Nasdaq-listed shares fell 1.7% to $1.78 in after-hours trading Monday. The company’s GAAP net loss was $78.7 million, or 29 cents a share, while its adjusted loss of 15 cents a share beat expectations for a 16-cent loss.