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.

HIVE said it anticipates spending up to $493 million over 36 months to expand its HPC operations, including acquiring land, building out data center infrastructure and buying up GPUs. The company 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. Meanwhile, it continues to expand its mining infrastructure, targeting a 100-megawatt substation expansion at its Yguazú site in Paraguay during 2026.

HIVE shares fall after hours despite earnings beat

HIVE’s Nasdaq-listed shares fell 1.7% to $1.78 in after-hours trading Monday, according to Google Finance, after closing the regular session up 1.7% at $1.81.

The company reported fiscal second-quarter revenue of $84.9 million, down 2.7% from a year earlier but above the $79.4 million consensus estimate listed by MarketBeat.

Meanwhile, MarketBeat reported an adjusted loss of 15 cents a share on its analyst comparison measure, beating expectations for a 16-cent loss. HIVE’s GAAP net loss was $78.7 million, or 29 cents a share.