Bitcoin averaged $71,003 in HIVE Digital Technologies' fiscal second quarter ended Sept. 30, down from $114,382 a year earlier, and the miner's latest earnings release shows the cost. Net loss widened to $78.7M from $15.8M, on total revenue of $84.9M (down 2.7% year over year).

HIVE mined 1,070 BTC in the quarter, up 49% from 718 BTC, yet mining revenue slipped to $76M from $82.1M. The company also booked a $31.2M impairment on its mining equipment, plus $54.9M in depreciation. Adjusted EBITDA came in at $24.8M.

The BUZZ HPC business grew revenue 70.7% to $8.8M, and contracted GPU cloud annualized run-rate revenue now stands at about $185M (around $40M live).

HIVE targets $200M in GPU cloud ARR in Q4 2026 and $700M in total HPC ARR by the end of 2028. It ended September with $139M in cash and $22.6M in digital currencies, runs about 440 MW of power capacity and plans to energize another 100 MW in Paraguay this quarter.