Canadian mining and technology company HIVE Digital Technologies recorded record revenue of $93.1 million in the third fiscal quarter, marking a 219% year-on-year increase. This growth came despite a roughly 10% quarterly decline in Bitcoin prices and a 15% increase in network difficulty, which pressured miner margins industry-wide following the 2024 halving. Gross operating margin grew more than sixfold year-on-year to $32.1 million, representing approximately 35% of revenue. During the quarter ending December 31, 2025, HIVE mined 885 bitcoins, a 23% increase compared to the previous quarter, while its installed hashrate rose to 25 EH/s. AI Becomes a Key Growth Engine Alongside mining, HIVE is expanding into artificial intelligence (AI) and high-performance computing (HPC). In February, the company signed a two-year, $30 million contract to deploy 504 Nvidia B200 GPUs for enterprise cloud AI services. This deal is expected to generate $15 million in annual revenue and increase HPC revenue by roughly 75%. By the fourth quarter of 2026, HIVE aims to reach $140 million in annual AI cloud revenue and $225 million in total HPC revenue through expanded GPU cloud and hardware hosting capacity. Proactive Strategy and Dual Engine Model HIVE was among the first public Bitcoin miners and began transitioning toward AI-enabled infrastructure years ago. Following the 2024 halving and Bitcoin's decline from its October 2025 highs, this move has positioned the company well for long-term growth. The dual engine model, where mining generates cash flow while HPC provides recurring revenue is becoming increasingly common. Other public miners like IREN and TeraWulf are adopting similar strategies, betting that AI demand will define the next infrastructure cycle. HIVE's quarterly results highlight that diversification beyond mining can ensure resilience even during challenging cryptocurrency markets. The Nvidia B200 contract and the projected $225 million in HPC revenue underscore the company’s commitment to AI as a core growth area.
