Two publicly traded Bitcoin miners delivered contrasting quarterly results on Tuesday, highlighting how AI and HPC revenue are reshaping mining-focused business models even as non-cash charges and mining economics pressure bottom lines.
HIVE Digital Technologies reported a GAAP net loss of $78.7 million for fiscal Q2 2027 ended September 30. Revenue reached $84.9 million, up 7.3% quarter over quarter but down 2.7% year over year. The loss included $54.9 million of depreciation, a $31.2 million non-cash impairment of mining equipment, $8.6 million of share-based compensation and a $7.3 million loss from changes in derivative fair value. HIVE said the impairment followed a U.S. GAAP recoverability assessment reflecting challenging mining economics and lower ASIC market values.
HIVE's digital currency revenue totaled $76.0 million, up 5.5% sequentially but down 7.4% from a year earlier. The company received 1,070 Bitcoin in rewards, up from 1,004 in the prior quarter, helped by average network difficulty declining to roughly 128 trillion from 135 trillion. Adjusted EBITDA remained positive at $24.8 million, equal to 29.2% of revenue and up 85% sequentially. HIVE ended September with $139 million in cash and cash equivalents plus $22.6 million in digital currencies.
At the same time, HIVE's BUZZ HPC business generated $8.8 million in quarterly revenue, increasing 25.3% sequentially and 70.7% year over year. The growth primarily reflected deployment of an NVIDIA B200 GPU cluster in Manitoba and demand across GPU marketplaces. HIVE reported approximately $40 million in live GPU Cloud ARR and about $185 million in contracted ARR, with management targeting approximately $200 million in GPU Cloud ARR by Q4 2026.
Bitdeer reported record third-quarter revenue of $320.7 million, up 89% from a year earlier, but its net loss widened to $125.5 million from $30.1 million in the same period last year. The loss included a non-cash $54.6 million charge tied to changes in the fair value of a digital-asset loan. Adjusted EBITDA rose 173% to $69.6 million from $25.5 million.
Bitdeer mined 3,855 BTC in the quarter, up from 1,109 BTC a year earlier, as total proprietary hashrate climbed to 86.4 EH/s from 35 EH/s. Self-mining revenue rose to $217.5 million from $130.9 million, while co-mining contributed another $59.9 million. However, the company held just 47 BTC as of Sept. 30, down from 2,029 BTC a year earlier, after reporting $221.5 million in proceeds from digital-asset disposals. It ended September with $43.2 million in digital assets and $343.8 million in digital-asset receivables from a related party.
Bitdeer's AI cloud revenue increased to $20.4 million from $1.8 million a year earlier. The company reported an AI cloud revenue backlog of approximately $2.9 billion and said it had secured about 332 IT megawatts of AI cloud capacity. CFO Michael G. Potter said: 'We are converting AI demand into long-duration contracts. Our AI Cloud revenue backlog has grown to approximately $2.9 billion, and construction at Tydal remains on target.' Bitdeer shares closed 9.9% higher at $6.61 on Monday, but were down 2.7% in premarket trading on Tuesday.
