HIVE Digital Technologies produced 49% more Bitcoin in the quarter ended Sept. 30, 2026, but the increase did not translate into higher mining revenue. Lower Bitcoin prices, a larger electricity bill and an equipment write-down underscored the gap between expanding production and improving financial results.
More Bitcoin, less mining revenue
According to HIVE’s latest regulatory filing, as reported by Cointelegraph on Nov. 10, 2026, the company produced 1,070 Bitcoin during the quarter, up from 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 rose 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.”
Those figures make production growth alone an incomplete measure of performance: HIVE mined more Bitcoin, but earned less mining revenue while spending more on electricity.
AI expansion remains a spending commitment
HIVE is expanding its AI computing business while continuing to invest in Bitcoin mining. Quarterly high-performance computing (HPC) hosting revenue rose 71% to $8.8 million, representing 10.4% of total quarterly revenue.
The company said it anticipates spending up to $493 million over 36 months to expand HPC operations, including land acquisitions, data center infrastructure and GPUs. It reported spending $145.3 million toward that expansion as of the filing. HIVE also plans to spend about $35 million converting its Toronto facility into a Tier-III data center.
The reported HPC growth is distinct from the planned expansion: the revenue increase is an observed result, while the spending commitments describe an investment program still being pursued.
Meanwhile, HIVE continues to expand mining infrastructure, targeting a 100-megawatt substation expansion at its Yguazú site in Paraguay during 2026.
The source placed HIVE’s results alongside pressure at other miners. American Bitcoin had reported weaker mining margins the previous week despite a treasury-driven quarterly profit, while Core Scientific said it planned to exit mining entirely by year-end.
Earnings beat did not prevent an after-hours decline
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. The adjusted comparison and GAAP result should not be treated as interchangeable.
According to Google Finance figures cited in the report, HIVE’s Nasdaq-listed shares closed Monday’s regular session up 1.7% at $1.81, then fell 1.7% to $1.78 in after-hours trading.
The quarter’s central contrast is between operational expansion and financial performance: higher Bitcoin production and growing HPC revenue coexisted with weaker mining revenue, increased electricity costs and a substantial GAAP loss.
Original source: Cointelegraph, published Nov. 10, 2026, at 08:42:39 UTC+08:00.