Hive Digital reports record Q1 revenue, driven by Bitcoin and HPC

Hive Digital, a Bitcoin miner turned data center infrastructure provider, reported record revenue and earnings in its fiscal first quarter, driven by strong growth in high-performance computing (HPC) hosting services alongside its core mining business.

Miners, not ETFs, are building the financial backbone of Bitcoin

Bitcoin Mining Profitability Rose 2% in July Amid BTC Price Rally, Jefferies Says

In its fiscal Q1 2026, Hive generated $45.6 million in total revenue. Digital currency mining contributed $40.8 million, up 44.9% from the previous quarter, as the company mined 406 Bitcoin (BTC) — a 34% increase quarter-over-quarter. Bitcoin’s rising value further supported the company’s performance.

Revenue from its HPC division, operating under the Buzz HPC brand, rose 59.8% sequentially to a record $4.8 million.

On an adjusted basis, earnings totaled $44.6 million.

Although mining remains Hive’s primary revenue driver, the company is increasingly leveraging advanced AI chips to expand its HPC business. Executives Frank Holmes and Aydin Kilic told Cointelegraph that they aim for the HPC segment to reach a $100 million annual run rate by next year.

Company shares were down slightly following the earnings report, with HIVE last seen trading around $2.20.

HIVE stock is down 23% year-to-date. Source: Yahoo Finance

Hive isn’t the only Bitcoin miner benefiting from the crypto bull market. Last week, CleanSpark reported record revenue and profits, boosted by surging BTC prices.

Similarly, last month MARA Holdings posted a sharp revenue increase, driven by higher Bitcoin valuations and expanded mining operations.

Related: Bitcoin miners and AI firms compete for cheap sustainable energy

Bitcoin mining industry’s AI pivot continues

Hive was among the first Bitcoin miners to repurpose part of its infrastructure for HPC and AI — a trend that has only accelerated across the industry.

Earlier this week, TeraWulf announced a $3.7 billion AI hosting agreement with Fluidstack, an AI infrastructure provider, with Google backing Fluidstack’s lease obligations. In return, Google received 41 million TeraWulf shares as part of the deal.

Core Scientific is a prominent example of a Bitcoin miner whose pivot to AI revived its struggling business after filing for Chapter 11 bankruptcy during the last crypto bear market. The company was later acquired by CoreWeave in a $9 billion deal.

Hut 8 has deployed over 1,000 Nvidia H100 GPUs as part of its expansion into cloud-based AI computing. In its latest quarterly earnings report, the company said it is working to “commercialize AI data center opportunities.”