Bitcoin Miner Hive Reports Revenue Surge as It Bets on Powering AI Boom

Hive mined nearly 2,900 Bitcoin last year and is now racing to build what it calls Canada’s largest private AI data center.

By Decrypt Agent

Edited by Andrew Hayward

In brief

Hive Digital Technologies nearly tripled revenue to $297.8 million in fiscal 2026, driven by surging Bitcoin prices and a fourfold increase in mining capacity.The company mined 2,885 Bitcoin for the year while expanding into AI computing, with its BUZZ HPC division growing 94% to $19.5 million in revenue.HIVE is now betting big on AI infrastructure, announcing plans for a massive 320-megawatt data center near Toronto intended to become Canada’s largest private AI facility.

Hive Digital Technologies reported a sharp revenue surge for its fiscal year ending March 31, fueled by last year’s soaring Bitcoin prices and a rapidly expanding computing business, as the Canadian miner attempts to recast itself as a major player in artificial intelligence infrastructure.The company posted total revenue of $297.8 million for fiscal 2026, a 158 percent increase from the prior year, driven primarily by a dramatic expansion of its Bitcoin mining operations.Hive mined 2,885 Bitcoin during the year—more than double the 1,414 it mined in fiscal 2025—while benefiting from an average Bitcoin price of roughly $98,000, compared to about $75,900 the year before.

But the company’s ambitions extend well beyond cryptocurrency. Hive’s high-performance computing division, branded BUZZ HPC, generated $19.5 million in revenue, up 94% year-over-year, and executives are positioning it as the company’s engine for future growth.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 at full buildout—a project the company is calling Canada’s largest planned AI infrastructure facility under private ownership. The company has set a target of $660 million in annualized recurring revenue from its computing business by the end of 2028.

The results were not without complications. HIVE reported a GAAP net loss of $148.4 million for the year, though the company said roughly $221 million of losses were non-cash items, including depreciation charges.The company holds operations in Canada, Sweden, and Paraguay—all powered by green energy—with a total installed hash rate of 25.1 exahashes per second.Hive (HIVE) shares are down about 2.6% on the day, recently trading at $4.63 per data from Yahoo Finance, but touched their highest price this year earlier in the session at $4.97.