HIVE Digital Adds 79 BTC in Q3 as Miners Sell Into Lower Prices

HIVE reported total revenue of $84.9 million and a net loss of $78.7 million for the quarter. It sold digital assets for $70 million in cash and recorded a realized gain of $1.8 million on those sales. Cash on hand was $139 million.

High-Performance Computing as a Second Engine

HIVE's high-performance computing and AI hosting revenue rose about 71% to $8.8 million, according to the company's earnings release. HIVE describes the segment as a revenue stream that does not track Bitcoin's price, and says it plans to invest up to $493 million over the next 36 months to expand it. CEO Aydin Kilic said $129 million in financing covered GPU purchases tied to its Bell and Cohere agreement. HIVE reported approximately $40 million in annualized revenue from live GPU cloud operations, a figure presented in the company's results. HPC accounts for roughly 10.4% of revenue by the company's measure.

Peers Reduce Reserves

HIVE's accumulation stands against a wider pattern of selling among listed miners. Riot Platforms sold 10,599 BTC in the third quarter and held 2,418 BTC at September-end, according to its filing, with proceeds funding data center development and repayment of a $200 million credit facility. Riot said it expects to continue selling substantially all Bitcoin it mines. MARA disclosed a post-quarter sale of 13,597 BTC for about $1.1 billion, of which $750 million repaid Bitcoin-backed loans. CleanSpark's holdings fell by 394 BTC to 13,530 BTC over July through September, and Cipher Digital's balance dropped from 646 BTC in June to 310 BTC at September-end.

What to Watch

For HIVE, the central question is whether HPC revenue continues to grow from its current share and whether further impairments follow the $31.2 million writedown. Sources agree on the production, revenue and HPC figures. They differ on the reserve's dollar value, and that difference should be noted when comparing the company's accounting to market estimates.

Why It Matters

For Traders

Miners selling most of their output into a weaker price, with some selling reserves outright, adds supply pressure that may weigh on Bitcoin in the near term.

For Investors

The gap between miners' Bitcoin production and sales, and their pivot toward HPC hosting, signals that mining economics are increasingly tied to data center revenue rather than Bitcoin alone.

For Builders

Miners funding AI and HPC buildouts with Bitcoin sales and GPU financing show that infrastructure built for mining is being repurposed, creating demand for shared data center tooling.