Bitcoin miner HIVE reports quarterly net loss of $78.7 million

HIVE Digital Technologies reported a net loss of $78.7 million for its fiscal second quarter ended September 30, widening from a $15.8 million loss a year earlier, while revenue fell 2.7% year-over-year to $84.9 million. The Bitcoin miner earned 1,070 BTC in mining rewards during the quarter, up from 718 a year prior, but mining revenue dropped to $76 million from $82.1 million as the company attributed the decline to a lower average Bitcoin price. HIVE's BUZZ high-performance computing business generated $8.8 million in revenue, up 70.7% year-over-year, partially offsetting the mining shortfall, while the company booked a $31.2 million impairment on mining equipment. The results highlight the margin pressure facing miners as Bitcoin prices and network economics weigh on core mining income even as diversified compute revenue grows. Investors will watch whether HIVE's HPC segment can scale fast enough to offset mining volatility and whether further equipment impairments follow.