HIVE Digital mined 49% more Bitcoin in the September quarter, yet mining revenue declined. HIVE produced 1,070 BTC in the three months ended September 30, 2026, up from 718 BTC a year earlier. Mining revenue still fell 7.4% to $76 million, because the average Bitcoin price dropped to $71,003 from $114,382. Costs rose as well. Electricity expenses increased to $45.6 million from $37.9 million as capacity expanded, and the company recorded a $31.2 million noncash write-down on mining equipment. The HPC business is gaining weight. Hosting revenue rose 71% to $8.8 million, or 10.4% of quarterly revenue, and HIVE plans to invest up to $493 million over 36 months in HPC expansion, with $145.3 million already spent. For Bitcoin miners, higher output no longer guarantees higher revenue, and AI infrastructure is becoming a larger part of the business.
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