Hive Digital Reports 158% Revenue Surge, Pivots to AI Data Centers
In brief
- Hive mined 2,885 Bitcoin in fiscal 2026, more than doubling prior year's 1,414 BTC
- Revenue surged 158% to $297.8 million from higher Bitcoin prices and AI computing growth
- Company plans 320-megawatt AI data center in Greater Toronto Area with 100,000+ Nvidia GPU capacity
- BUZZ HPC division generated $19.5 million, up 94% year-over-year
- Hive targets $660 million annualized recurring revenue from computing by end of 2028
Mining Surge and Computing Pivot
Hive mined 2,885 Bitcoin during fiscal 2026, more than double the 1,414 it mined in fiscal 2025. The surge reflected both expanded hash rate capacity and favorable Bitcoin pricing. The average Bitcoin price was roughly $98,000 during the fiscal year, compared to about $75,900 in the prior period, amplifying mining economics.
But the company's strategy is shifting. Hive's high-performance computing division, branded BUZZ HPC, generated $19.5 million in revenue, up 94 percent year-over-year. That growth reflects broader industry demand for GPU infrastructure as enterprises race to deploy large language models and AI workloads.
The AI Infrastructure Play
In May, Hive announced plans for a 320-megawatt AI data center in the Greater Toronto Area, designed to house more than 100,000 Nvidia GPUs. The facility would be Canada's largest private AI infrastructure project. The company has set a target of $660 million in annualized recurring revenue from its computing business by the end of 2028.
The pivot reflects a calculated bet. Bitcoin mining margins compress as hash rate grows and electricity costs rise. GPU-as-a-service (for model training and inference) offers more stable, long-term contracts—especially if powered by renewable energy, which gives operators a cost edge.
The Ledger
Hive reported a GAAP net loss of $148.4 million for the year, though roughly $221 million of losses were non-cash items including depreciation charges. The company ended the period holding 150 BTC, down from 481 BTC as of December 31, reflecting sales to fund expansion.
Hive holds operations in Canada, Sweden, and Paraguay—all powered by green energy—with a total installed hash rate of 25.1 exahashes per second. On the trading day of the results announcement, Hive shares were down about 2.6 percent, recently trading at $4.63 per share, though they touched $4.97 earlier in the session.
