HIVE Digital Technologies mined 1,070 Bitcoin in the quarter ended Sept. 30, 2026, up 49% from 718 a year earlier. But mining revenue fell 7.4% to $76 million. The reason was simple: the average Bitcoin price dropped to $71,003 from $114,382 in the same period last year. More output, less money per coin. That combination put pressure on the top line.
Production up, revenue down
The filing shows HIVE is still expanding its mining footprint, yet market prices are working against the company. Lower Bitcoin prices offset the gain in production. For a miner, that is a hard trade-off. You can mine more, but if the price falls fast enough, revenue still shrinks.
Power costs and write-down
Costs moved in the other direction. Electricity expense rose to $45.6 million from $37.9 million as HIVE added mining capacity around the world. The company also booked a $31.2 million noncash write-down on mining equipment. It cited depressed mining economics as the reason. That charge does not take cash out the door, but it does reflect how tough the current mining market looks on paper.
The results fit a wider pattern. American Bitcoin recently reported weaker mining margins, and Core Scientific plans to leave mining by year-end. HIVE is not exiting. It is trying a dual path: keep mining Bitcoin while building an AI computing business.
AI hosting revenue climbs
HIVE’s HPC hosting revenue rose 71% to $8.8 million. That was 10.4% of quarterly revenue. The company says it may spend up to $493 million over 36 months to expand HPC operations. That includes land, data center infrastructure and GPUs. It had spent $145.3 million toward the plan as of the filing. HIVE also plans about $35 million to turn its Toronto facility into a Tier-III data center. On the mining side, it is targeting a 100-megawatt substation expansion at its Yguazú site in Paraguay during 2026.
Earnings beat, shares slip
For the fiscal second quarter, HIVE reported revenue of $84.9 million, down 2.7% from a year earlier but above the $79.4 million consensus estimate listed by MarketBeat. Adjusted loss was 15 cents a share, beating expectations for a 16-cent loss. GAAP net loss was $78.7 million, or 29 cents a share. HIVE’s Nasdaq-listed shares fell 1.7% to $1.78 in after-hours trading Monday, according to Google Finance. They closed the regular session up 1.7% at $1.81.
