Original report published Nov. 10, 2026, at 08:42:39 UTC+8.
HIVE Digital Technologies’ September-quarter results highlight the distinction between expanding Bitcoin production and generating more mining revenue. The company produced 49% more Bitcoin than a year earlier, but lower Bitcoin prices outweighed that increase, while electricity costs rose.
At the same time, HIVE was expanding its AI computing business without abandoning mining—a different approach from the planned mining exit reported by Core Scientific.
More Bitcoin, lower mining revenue
According to HIVE’s latest regulatory filing, the company produced 1,070 Bitcoin in the three months ended Sept. 30, 2026, compared with 718 a year earlier. Mining revenue nevertheless fell 7.4% to $76 million as the average Bitcoin price declined to $71,003 from $114,382 in the prior-year period.
Electricity costs 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.”
The report placed those results alongside pressure elsewhere in the sector: 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.
AI computing: revenue growth versus planned investment
HIVE’s high-performance computing (HPC) hosting revenue rose 71% to $8.8 million, accounting for 10.4% of quarterly revenue. That provides a measure of the business’s existing contribution, distinct from the scale of its expansion plans.
The company said it anticipated spending up to $493 million over 36 months to expand HPC operations, including land acquisitions, data center infrastructure and GPUs. As of the filing, it reported spending $145.3 million toward that expansion.
HIVE also planned to spend about $35 million converting its Toronto facility into a Tier-III data center. Its mining investment was continuing as well, with a targeted 100-megawatt substation expansion at its Yguazú site in Paraguay during 2026.
The results therefore describe a business pursuing both AI computing and Bitcoin production, rather than a completed transition away from mining. HPC hosting was growing, but still represented a minority of quarterly revenue.
Revenue beats estimates, shares fall after hours
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 a share on its analyst comparison measure, better than expectations for a 16-cent loss. Separately, HIVE’s GAAP net loss was $78.7 million, or 29 cents a share.
According to Google Finance, HIVE’s Nasdaq-listed shares fell 1.7% to $1.78 in Monday’s after-hours trading, after closing the regular session up 1.7% at $1.81.
