Hive Posts $45.6M in Total Revenue, Fueled by Bitcoin Mining Boom
Hive Digital Technologies announced record-breaking quarterly results for the first quarter of fiscal 2026, concluding June 30, generating $40.8 million in revenue from digital currency mining.
Digital Currency Mining Revenue Experiences Significant Growth
Bitcoin mining firm Hive Digital Technologies (Nasdaq: HIVE) has unveiled its most robust quarterly performance yet, propelled by rising Bitcoin (BTC) output and enhanced mining efficiency. During Q1 of fiscal 2026, ending June 30, the company achieved $40.8 million in digital currency mining revenue, reflecting a 44.9% increase compared to the prior quarter.
Revenue growth stemmed from a 47% jump in average hashrate, rising from 5.9 EH/s in Q4 to 8.7 EH/s in Q1. As stated in an official announcement, this capacity expansion allowed HIVE to extract 406 Bitcoin, a 34% quarterly rise, even as network difficulty climbed 10.2%. Leadership credited these gains to strategic upgrades in advanced mining hardware and reliance on affordable, primarily renewable energy sources.
“This quarter was extraordinary,” remarked Aydin Kilic, Hive’s President and CEO. “We now generate 7.5 Bitcoin daily with a capacity exceeding 15 EH/s and aim to hit 25 EH/s by Thanksgiving, solidifying HIVE as one of the globe’s top Bitcoin miners.”
The firm’s overall quarterly revenue totaled $45.6 million, with digital currency mining contributing almost 90%. Gross operating margins rose to 34.7%, up from 28.2% in the preceding quarter, while net income reached $35 million, supported by profits from digital assets and equity stakes. Adjusted EBITDA stood at $44.6 million, showcasing operational excellence.
HIVE’s robust financial position was highlighted by $71.9 million in cash and digital assets at quarter-end, enabling ongoing expansion efforts. Executive Chairman Frank Holmes underscored the company’s role in bolstering Bitcoin network security and decentralized operations across nine time zones and three nations.
Moving forward, Hive targets an annualized Bitcoin mining revenue projection of $315 million, assuming current market conditions. Additionally, the company intends to grow its high-performance computing (HPC) unit, BUZZ, with ambitions to reach $100 million in annual AI and cloud computing revenue by 2026.
Source: cryptonews.net
