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

INFBusiness
20.08.2025
Mining

Hive Digital, formerly focused on Bitcoin mining and now transitioning into data infrastructure services, announced unparalleled fiscal first-quarter results fueled by significant expansion in high-performance computing (HPC) operations alongside sustained cryptocurrency mining activities.

During Q1 of fiscal year 2026, the company achieved total revenues of $45.6 million. Its cryptocurrency operations accounted for $40.8 million, marking a 44.9% quarter-over-quarter surge, while producing 406 Bitcoin (BTC) – a 34% quarterly growth. Appreciating Bitcoin prices also bolstered financial outcomes.

Revenue from Buzz HPC, its specialized computing division, climbed 59.8% sequentially to an all-time high of $4.8 million.

Adjusted earnings reached $44.6 million for the period.

While mining continues as Hive’s dominant income source, leadership emphasized strategic deployment of AI-focused hardware to accelerate HPC growth. Executives Frank Holmes and Aydin Kilic revealed ambitions to elevate annualized HPC revenues to $100 million by next year in discussions with Cointelegraph.

Shortly after the earnings release, HIVE shares experienced minor declines, hovering near $2.20.

HIVE stock has declined 23% since January. Source: Yahoo Finance

Other Bitcoin miners are also capitalizing on favorable market conditions. CleanSpark recently disclosed historic profits attributed to rising cryptocurrency valuations, while MARA Holdings earlier reported substantial revenue gains through operational scaling and Bitcoin price appreciation.

Related: Bitcoin miners and artificial intelligence companies vie for low-cost renewable power

Industry-wide shift toward artificial intelligence gains momentum

As an early adopter, Hive pioneered redeploying mining infrastructure for HPC and AI applications – a movement now proliferating across the sector.

TeraWulf recently secured a $3.7 billion AI partnership with Fluidstack, an infrastructure firm supported by Google, which received 41 million TeraWulf shares in exchange for underwriting lease commitments.

Core Scientific exemplifies this transition, having revitalized its operations via AI initiatives after restructuring under bankruptcy protection during cryptocurrency’s downturn. The company was later purchased by CoreWeave in a $9 billion acquisition.

Hut 8 has integrated over 1,000 Nvidia H100 GPUs into its infrastructure as part of cloud-based AI development, recently stating plans to “monetize artificial intelligence data center prospects” in its financial update.