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Public miner audit · Oct 12, 2026 · 5 min read
HIVE Digital in the first half of 2026: 6.2¢ per kWh all-in, and $54,400 per bitcoin
HIVE mined 1,880 BTC from January to June 2026, mostly in Paraguay. Read from its own filings, its power cost an estimated 5.5¢ per kWh, 6.2¢ with every other site cost in, and each bitcoin took $54,400 to make against $74,100 of revenue.
TL;DR
- 1,880 BTC mined in the first half of 2026: 876 from January to March, 1,004 from April to June.
- Power cost an estimated 5.5¢ per kWh: $91.2 million over about 1.66 million MWh. HIVE does not report energy used, so the MWh is our estimate.
- 6.2¢ per kWh all-in once the other site costs are added, 7.2¢ with a share of overheads.
- $54,400 per bitcoin all-in, against $74,100 of mining revenue per bitcoin.
- Hardware is shown separately: $106.4 million of depreciation and no impairments in the half.
What HIVE reported
HIVE Digital Technologies sells the hashrate of its machines to mining pools, which pay it in bitcoin. Its fiscal year ends on 31 March, so the first half of calendar 2026 is two of its quarters: its fiscal Q4 2026 (January to March), reported in its 10-K for the year, and its fiscal Q1 2027 (April to June), reported in its 10-Q. Its December 2025 quarter came out on a 6-K, and January 2026 had a monthly production update (6-K).
Most of its hashrate runs in Paraguay, at Yguazú (200 MW) and Valenzuela (about 107 MW). The rest is in New Brunswick and Quebec in Canada and at Boden in Sweden. At 31 July 2026 HIVE gave 24.5 EH/s installed in its optimised settings, at 16.1 J/TH, and 23.6 EH/s operational.
HIVE also runs BUZZ, a GPU cloud and AI data-centre business. It reports one segment with two revenue streams. BUZZ brought in $4.6 million of $71.8 million in revenue from January to March and $7.1 million of $79.1 million from April to June. In September HIVE said it would wind down bitcoin mining in Sweden, under 5% of its daily revenue (8-K).
The power bill
HIVE states its mining electricity cost in its management discussion: $45.3 million from January to March and $45.9 million from April to June, $91.2 million for the half. It reports no curtailment, demand-response or power-resale credits, so these are gross costs.
HIVE does not report the energy it used, so we estimated it from the bitcoin it mined, which gives the hashrate that actually ran: 22.0 EH/s from January to March and 24.5 EH/s from April to June. HIVE reported 22.2 EH/s for January and 24.0 EH/s for April to June, so the estimate agrees within 2%. Multiplied by fleet efficiency and the hours in each quarter, that is about 800,000 MWh and 861,000 MWh. Power then cost an estimated 5.7¢ per kWh in the first quarter and 5.3¢ in the second, 5.5¢ for the half.
HIVE gives rates for individual sites but no blended rate. In Paraguay it says it pays about $0.045 per kWh for energy and power. New Brunswick is about $0.052 per kWh for the first 37.5 MW, plus a monthly demand charge of $13.90 per kW. Quebec is about $0.04 per kWh, plus about $10.26 per kW a month. Sweden pays the hourly spot price plus energy tax. Demand charges, Swedish power and Paraguayan VAT on electricity would explain why our blended estimate sits about a cent above the Paraguay rate.
Everything else it takes to run the sites
HIVE books its mining operating and maintenance costs in one line: $51.3 million for January to March and $51.0 million for April to June. Take the electricity out and $6.0 million and $5.1 million are left: the service providers who run the data centres, monitoring, maintenance and other direct site costs. With them in, the all-in rate is an estimated 6.4¢ per kWh in the first quarter, 5.9¢ in the second and 6.2¢ for the half.
Overheads come next. HIVE reports general and administrative costs without stock-based pay, which it shows on its own line. We allocate them to mining by mining's share of revenue: 94% in the first quarter and 91% in the second. That adds $17.0 million in cash overheads for the half and brings the loaded rate to 7.2¢ per kWh. Stock-based pay allocated the same way adds another $13.2 million.
| Period | Power | Other site costs | Cash overheads (mining share) | Stock-based pay (mining share) |
|---|---|---|---|---|
| Q1 2026 (HIVE fiscal Q4 2026) | $45.3M | $6.0M | $8.8M | $6.8M |
| Q2 2026 (HIVE fiscal Q1 2027) | $45.9M | $5.1M | $8.2M | $6.5M |
| H1 2026 | $91.2M | $11.1M | $17.0M | $13.2M |
What a bitcoin cost HIVE
Divided by the bitcoin mined, power cost $51,700 per bitcoin from January to March and $45,700 from April to June. All-in, the figures are $58,600 and $50,800; loaded with cash overheads, $68,600 and $59,000. Adding stock-based pay gives $76,400 and $65,400.
Mining revenue per bitcoin mined was $76,700 in the first quarter and $71,800 in the second. Over the half, HIVE mined 1,880 BTC at $54,400 each all-in and $63,500 loaded, against $74,100 of revenue per bitcoin.
| Period | Bitcoin mined | Power ¢/kWh | All-in ¢/kWh | Loaded ¢/kWh | Power $/BTC | All-in $/BTC | Loaded $/BTC | Revenue $/BTC |
|---|---|---|---|---|---|---|---|---|
| Q1 2026 (HIVE fiscal Q4 2026) | 876 | 5.7¢ est. | 6.4¢ est. | 7.5¢ est. | $51,700 | $58,600 | $68,600 | $76,700 |
| Q2 2026 (HIVE fiscal Q1 2027) | 1,004 | 5.3¢ est. | 5.9¢ est. | 6.9¢ est. | $45,700 | $50,800 | $59,000 | $71,800 |
| H1 2026 | 1,880 | 5.5¢ est. | 6.2¢ est. | 7.2¢ est. | $48,500 | $54,400 | $63,500 | $74,100 |
The hardware
Depreciation was $52.7 million from January to March and $53.7 million from April to June, $106.4 million for the half. HIVE does not split it between mining machines, GPUs and buildings. It recorded no impairments: after bitcoin's fall early in 2026 it tested its mining equipment and found no write-down needed. Cash spent on equipment and equipment deposits was $26.2 million and $31.0 million, also not split between mining and GPUs.
We keep these out of the cost of a bitcoin. A machine is the roof over the operation, bought once and worn out over years, not what each bitcoin costs to make. The figures are here in full so nothing is hidden.
| Period | Depreciation | Impairments | Equipment capex (cash) |
|---|---|---|---|
| Q1 2026 (HIVE fiscal Q4 2026) | $52.7M | $0 | $26.2M |
| Q2 2026 (HIVE fiscal Q1 2027) | $53.7M | $0 | $31.0M |
| H1 2026 | $106.4M | $0 | $57.2M |
What it means
Hosting at Firsthand's sites runs from 3.9¢ to 6.5¢ per kWh all-in, on our sites page. HIVE's own all-in rate for the first half of 2026 was an estimated 6.2¢ per kWh, and at that rate it mined 1,880 BTC at $54,400 each before overheads and hardware. A machine hosted within that range mines its bitcoin at an all-in power rate in the same band or lower.
Mining output depends on bitcoin's price, difficulty and uptime, and isn't guaranteed.
This is our analysis of the company's public filings, not an audit in the accounting sense.
Method and sources
Bitcoin mined, mining revenue, electricity cost and mining operating costs for January to March come from the quarterly section of the 10-K management discussion. They match the full year less the nine months to December in the 6-K (discussion). April to June comes from the 10-Q. HIVE gives electricity rounded to $0.1 million, so other site costs carry an error of about $50,000.
Energy is estimated. Bitcoin mined is divided by 0.98 for the pool fee and by the network's hashprice summed over the quarter. That gives 22.0 EH/s and 24.5 EH/s, which we multiply by fleet efficiency and the hours in each quarter (2,160 and 2,184). For January to March we used 16.8 J/TH, the average of 17.5 J/TH in the January update and 16.1 J/TH at 30 April in the 10-K. For April to June we used 16.1 J/TH from the 10-Q at 31 July. Every ¢/kWh figure is therefore an estimate; cost per bitcoin is not.
Overheads are allocated to mining by mining's share of revenue. Stock-based pay sits on a separate line in HIVE's accounts and is shown separately here. In April to June HIVE recorded an $84.7 million non-cash provision for disputed Swedish VAT on its mining equipment going back to 2023. HIVE is contesting it. We left this tax provision out of operating cost. Paraguayan VAT on electricity, $8.1 million in HIVE's fiscal 2026, is inside its operating costs and so inside our all-in rate.
Sources and further reading
- Form 10-K, fiscal year ended 31 March 2026 — HIVE Digital Technologies, 2026-06-02
- Form 10-K/A, Amendment No. 1 (Part III) — HIVE Digital Technologies, 2026-07-29
- Form 10-Q, quarter ended 30 June 2026 — HIVE Digital Technologies, 2026-08-14
- Form 6-K: interim financial statements, nine months ended 31 December 2025 — HIVE Digital Technologies, 2026-02-17
- Form 6-K: management discussion, period ended 31 December 2025 — HIVE Digital Technologies, 2026-02-17
- Form 6-K: January 2026 production update — HIVE Digital Technologies, 2026-02-06
- Form 8-K: fiscal 2026 results release — HIVE Digital Technologies, 2026-06-02
- Form 8-K: fiscal Q1 2027 results release — HIVE Digital Technologies, 2026-08-17
- Form 8-K: BUZZ appointment, daily revenue and Sweden wind-down — HIVE Digital Technologies, 2026-09-16
Disclosure
Firsthand Bitcoin sells and hosts mining hardware. This is our analysis of the company's public filings, not an audit in the accounting sense, and it is not investment advice. Every reported figure links to the filing it comes from; figures we estimated are labelled, with their inputs. No company paid for or reviewed this page. Corrections are published with the date they were made.