Hive Digital, a company that has transformed from a Bitcoin miner to a data center infrastructure provider, has announced record revenues and profits, primarily driven by strong growth in high-performance computing (HPC) hosting services and its core mining business.
In the first quarter of fiscal year 2026, Hive's total revenue was $45.6 million. Digital currency mining contributed $40.8 million, a 44.9% increase from the previous quarter, with the company mining 406 Bitcoins—a quarter-over-quarter increase of 34%. The rising value of Bitcoin further supported the company's performance.
The HPC division under its Buzz HPC brand saw a 59.8% quarter-over-quarter increase in revenue, reaching a record $4.8 million.
Adjusted profits totaled $44.6 million.
Although mining remains Hive's main source of revenue, the company is gradually leveraging advanced AI chips to expand its HPC business. Management expresses hopes for the HPC division to reach an annualized revenue of $100 million next year.
The company's stock price slightly declined after the earnings report was released, currently trading at approximately $2.20.
Not just Hive, other Bitcoin miners have also benefited from the crypto bull market. For example, CleanSpark and MARA Holdings recently reported revenue growth, benefiting from the increase in Bitcoin prices and the expansion of mining activities.
Related: Bitcoin miners competing with AI companies for low-cost sustainable energy
The AI transformation in the Bitcoin mining industry continues
Hive is one of the first miners to convert part of its infrastructure to HPC and AI, a trend that continues to accelerate within the industry.
Recently, TeraWulf announced a $3.7 billion AI hosting agreement, supported by Google's leasing obligations with Fluidstack. As a result, Google acquired 41 million shares of TeraWulf.
Core Scientific is a typical case of revitalizing its business through AI transformation, having previously filed for Chapter 11 bankruptcy during the crypto bear market, and was subsequently acquired by CoreWeave for $9 billion.
