HIVE's Bitcoin production increased by 49%, while mining revenue decreased by 7.4%
During the quarter ending September 30, 2026, Bitcoin mining company HIVE Digital Technologies produced 1,070 Bitcoins, a 49% increase from 718 Bitcoins in the same period last year. However, affected by the decline in Bitcoin prices, its mining revenue decreased by 7.4% year-on-year to $76 million, while the average Bitcoin price fell from $114,382 to $71,003.As HIVE expands its global mining capacity, its electricity costs rose from $37.9 million to $45.6 million, and due to "weak mining economics," the company recorded a non-cash impairment of $31.2 million on mining machines. During the same period, the company's high-performance computing (HPC) hosting revenue grew by 71% to $8.8 million, accounting for 10.4% of quarterly revenue. HIVE plans to invest up to $493 million to expand its HPC business over the next 36 months, having already invested $145.3 million as of the report date, and plans to spend approximately $35 million to convert its Toronto facility into a Tier-III data center.The financial report shows that HIVE's revenue for the second fiscal quarter was $84.9 million, a year-on-year decrease of 2.7%, which was higher than the market expectation of $79.4 million; GAAP net loss was $78.7 million, or $0.29 per share. HIVE's Nasdaq stock price fell 1.7% to $1.78 after hours on Monday. HIVE's performance further indicates that Bitcoin mining economics are under pressure, with American Bitcoin reporting weakened mining margins last week, and Core Scientific planning to completely exit the mining business by the end of the year.