- Hive Digital mining revenue surged 158% to $297.8M in fiscal 2026, driven by record Bitcoin prices and doubled output.
- The Hive Digital mining company mined 2,885 Bitcoin at an average price of roughly $98,000 throughout the year.
- Its BUZZ HPC computing division grew 94% to $19.5 million, signalling a serious push beyond cryptocurrency.
- A planned 320-megawatt Toronto data center could become Canada’s largest private AI infrastructure facility.
- Hive Digital mining revenue surged 158% to $297.8M in fiscal 2026, driven by record Bitcoin prices and doubled output.
- The Hive Digital mining company mined 2,885 Bitcoin at an average price of roughly $98,000 throughout the year.
- Its BUZZ HPC computing division grew 94% to $19.5 million, signalling a serious push beyond cryptocurrency.
- A planned 320-megawatt Toronto data center could become Canada’s largest private AI infrastructure facility.
Hive Digital Mining Posts Its Biggest Year Ever
Hive Digital mining revenue hit $297.8 million for the fiscal year ending March 31, 2026 — nearly tripling the company’s prior-year figure and marking the strongest result in its history. The 158% jump is eye-catching, but understanding what actually drove it matters. Bitcoin’s price doing most of the heavy lifting isn’t a knock on the company — it’s just the reality of the mining business. What’s more interesting is the strategic direction Hive is now pointing in.
The company mined 2,885 Bitcoin across the fiscal year, more than double the 1,414 BTC it produced in fiscal 2025. An average realised price of around $98,000 per coin — versus roughly $75,900 the year before — made each mined Bitcoin significantly more valuable. Put those two dynamics together and you get a revenue line that looks almost unrecognisable compared to where Hive was just 24 months ago.
Hive expanded its total installed hash rate to 25.1 exahashes per second, a fourfold capacity increase that reflects aggressive capital deployment across its mining sites in Canada, Sweden, and Paraguay. All three locations run on green energy, which gives the company a useful talking point at a time when Bitcoin mining’s environmental credentials remain under scrutiny from regulators and institutional investors alike.
The Bitcoin Holdings Puzzle
Here’s a wrinkle worth paying attention to. Despite all that mining activity — and despite a strong Bitcoin price environment — Hive ended the fiscal year holding just 150 BTC, worth roughly $10 million. That’s a steep drop from the 481 BTC the company reported holding as of December 31. Hive Digital mining operations are clearly generating coins, but the company appears to be selling them fairly aggressively rather than accumulating them on its balance sheet the way some peers have chosen to.
That’s a deliberate philosophical choice. Companies like Strategy (formerly MicroStrategy) have built their entire identity around accumulating Bitcoin as a treasury reserve asset. Hive is taking the opposite approach — treating mined Bitcoin largely as operational cash flow to fund expansion. Whether that proves to be the smarter playbook depends heavily on where Bitcoin trades over the next few years, and nobody has that answer.
Hive Digital Mining Revenue Isn’t the Real Story Anymore
The headline revenue number is impressive, but Hive’s leadership clearly wants investors focused somewhere else entirely: artificial intelligence infrastructure. The company’s high-performance computing arm, branded BUZZ HPC, generated $19.5 million in revenue during fiscal 2026 — up 94% year-over-year. That’s still a relatively small slice of total revenue, but the growth rate is the signal here, not the absolute figure.
The pivot from Hive Digital mining to AI compute isn’t unique. Marathon Digital, Riot Platforms, and Core Scientific have all made noise about repurposing GPU capacity and data center expertise toward the AI market. What makes Hive’s announcement stand out is the sheer scale of what it’s proposing.
In May, the company unveiled plans for a 320-megawatt data center in the Greater Toronto Area — a facility designed to house more than 100,000 Nvidia GPUs at full buildout. Hive is calling it Canada’s largest planned AI infrastructure facility under private ownership. That’s an ambitious claim, and one that will require enormous capital to execute. But the demand side of the equation is real: cloud providers, AI labs, and enterprises are all scrambling for GPU capacity right now, and Canada’s relatively cheap power and cooler climate make it an attractive location for energy-intensive compute workloads.
The $660 Million Target — Ambitious or Achievable?
Hive has set a target of $660 million in annualised recurring revenue from its computing business by the end of 2028. To put that in context: its entire company-wide revenue for fiscal 2026 was $297.8 million, and the computing division accounted for just $19.5 million of that. Getting from $19.5 million to $660 million in roughly two and a half years would require the kind of execution that very few companies — in any industry — manage to pull off.
That doesn’t mean it’s impossible. The 320MW Toronto facility, if it comes online on schedule and at scale, would be transformative. Securing long-term contracts with hyperscalers or large AI developers before the facility is even built — the way some colocation providers operate — would de-risk the capital spend considerably. But the company hasn’t disclosed whether any anchor tenants are already committed, and that’s a meaningful gap in the story right now.
Hive Digital mining operations will likely continue funding the AI ambitions in the near term. That creates an interesting dependency: if Bitcoin’s price pulls back meaningfully, the cash engine that’s financing the AI pivot gets squeezed at exactly the moment the company needs capital most. It’s a structural tension that management will need to manage carefully.
Reading the Financials Honestly
Strip away the revenue growth and the AI announcements, and Hive did report a GAAP net loss of $148.4 million for the year. The company was quick to note that approximately $221 million of total losses were non-cash items — primarily depreciation on mining hardware and other capital assets. That framing is legitimate: depreciation-heavy businesses routinely look worse on a GAAP basis than their operating cash flows would suggest. But it’s still a number worth keeping an eye on as capital expenditure ramps up for the Toronto data center project.
Shares of HIVE traded at around $4.63 on the day results were announced, down about 2.6%, though the stock had touched $4.97 earlier in the session — its highest point of the year. Markets appear cautiously optimistic rather than euphoric, which is probably the appropriate response to a company that’s simultaneously delivering its best-ever revenue year and announcing plans that will take years to validate.
What Hive’s Pivot Tells Us About the Mining Industry
The broader pattern here is one of the most interesting dynamics in tech right now. Bitcoin miners built out enormous power infrastructure and data center expertise during the last bull cycle. Now, with AI compute demand exploding and GPU supply still constrained relative to demand, those miners find themselves sitting on assets that have a second, potentially more lucrative use case. The question is whether they can execute the transition before the window narrows.
Hive Digital mining’s fiscal 2026 results give the company the financial runway to try. The BUZZ HPC division’s 94% growth rate suggests early commercial traction. And a 320-megawatt facility near Toronto — if it gets built — would be a genuine statement of intent. The hard part isn’t the announcement. It always is the delivery.
Source: https://decrypt.co/369735/bitcoin-miner-hive-reports-revenue-surge-powering-ai-boom
