HIVE’s Bitcoin output jumps 49%, but mining revenue still falls
HIVE’s mining revenue fell 7.4% despite higher production, while its AI hosting business grew 71%.
Bitcoin miner HIVE Digital Technologies produced 49% more Bitcoin in the September quarter than a year earlier, but mining revenue fell as lower Bitcoin prices offset the increase in production.
According to its latest regulatory filing, the company produced 1,070 Bitcoin in the three months ended Sept. 30, 2026, up from 718 a year earlier. Mining revenue fell 7.4% to $76 million as the average price of Bitcoin fell to $71,003 from $114,382 in the prior-year period.
The weaker revenue came alongside a rising power bill. Electricity costs increased to $45.6 million from $37.9 million as HIVE expanded its global mining capacity. HIVE also recorded a $31.2 million noncash write-down on mining equipment, citing “depressed mining economics.”
HIVE’s results add to signs of pressure on Bitcoin mining economics. American Bitcoin last week reported weaker mining margins despite a treasury-driven quarterly profit, while Core Scientific said it plans to leave mining entirely by year-end. HIVE is pursuing a different approach, expanding its AI computing business while continuing to invest in Bitcoin production.
In the latest quarter, HIVE’s HPC hosting revenue rose 71% to $8.8 million, accounting for 10.4% of its quarterly revenue.