How did HIVE Digital Technologies produce more Bitcoin while earning less from mining? In results reported on November 10, 2026, the company said it mined 1,070 BTC in the three months ended September 30, up 49% from 718 BTC a year earlier. Mining revenue nevertheless fell 7.4% to $76 million. The average Bitcoin price over the quarter was $71,003, compared with $114,382 in the prior-year period.
Power costs rose alongside capacity
HIVE’s electricity costs increased from $37.9 million to $45.6 million as it expanded its global mining capacity. It also recorded a $31.2 million noncash write-down of mining equipment, citing “depressed mining economics.” The write-down is separate from the quarter’s electricity expense.
The original report also cited pressure elsewhere in the industry: American Bitcoin had reported weaker mining margins the preceding week despite a treasury-driven quarterly profit, while Core Scientific said it planned to leave mining by the end of 2026.
Spending on computing and mining infrastructure
HIVE continued to invest in Bitcoin production while expanding its high-performance computing (HPC) business. HPC hosting revenue rose 71% to $8.8 million, or 10.4% of quarterly revenue.
The company said it anticipated spending up to $493 million over 36 months on HPC expansion, including land, data-center infrastructure and GPUs. It reported having spent $145.3 million toward that expansion as of its filing. HIVE also planned to spend about $35 million converting its Toronto facility into a Tier-III data center. Separately, it targeted a 100-megawatt substation expansion at its Yguazú mining site in Paraguay during 2026. Those amounts and the substation target describe plans, not completed projects.
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. On MarketBeat’s analyst comparison measure, its adjusted loss was 15 cents per share, versus an expected 16-cent loss. Its GAAP net loss was $78.7 million, or 29 cents per share. According to Google Finance data cited in the original report, HIVE shares fell 1.7% to $1.78 in after-hours trading on Monday, November 9, after closing the regular session up 1.7% at $1.81.
Source: cointelegraph.com (originally published 2026-11-10 08:42 UTC+8)
