Hive Digital Technologies just posted its biggest revenue year ever, and the numbers tell a story about a company that is clearly done thinking of itself as just a Bitcoin miner.
The Canadian company reported total revenue of $297.8 million for fiscal year 2026 (ending March 31), a 158% increase over the prior year. Two things drove that surge: Bitcoin prices averaged around $98,000 during the period (up from roughly $75,900 the year before), and Hive more than doubled its mining output, pulling in 2,885 Bitcoin compared to 1,414 in fiscal 2025.
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From miner to compute company
Here's the thing: the Bitcoin numbers are impressive, but they are not where Hive is placing its biggest bets going forward. The company's high-performance computing division, branded BUZZ HPC, grew 94% year-over-year to $19.5 million in revenue. That is still a small slice of total revenue, but the trajectory is the point.
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. The company is positioning this as Canada's largest planned AI infrastructure facility under private ownership, with a target of $660 million in annualized recurring revenue from its computing business by the end of 2028.
That is a significant swing. Going from $19.5 million in HPC revenue to a $660 million annual target in roughly two years requires everything to go right, from construction timelines to GPU supply chains to enterprise customer acquisition.
Hive reported a GAAP net loss of $148.4 million for fiscal 2026, though the company noted approximately $221 million of that figure consisted of non-cash items including depreciation charges.
The Bitcoin holdings picture
One detail worth flagging: despite mining nearly 2,900 Bitcoin during the year, Hive's actual holdings shrank. The company held just 150 BTC at fiscal year-end, down from 481 BTC as of December 31. That drawdown suggests Hive has been selling mined Bitcoin to fund operations and its infrastructure expansion rather than accumulating it as a treasury asset.
That is a different posture than companies like Strategy, which have made Bitcoin accumulation central to their identity. Hive appears to be treating its mining operation more as a revenue engine than a long-term store of value play.
What the infrastructure looks like today
Hive currently operates across three countries: Canada, Sweden, and Paraguay, with all facilities running on green energy sources. Total installed hash rate sits at 25.1 exahashes per second.
That global spread matters for the AI pivot. Data center proximity to power infrastructure and fiber connectivity is everything in the GPU compute business, and Hive's existing relationships with energy providers in multiple jurisdictions give it a real foundation to build on.
The company's stock touched a year-high of $4.97 earlier in the session before pulling back, reflecting genuine investor interest in the AI infrastructure angle even amid broader market uncertainty.
The bigger picture for compute-focused miners
Hive is not alone in this pivot. Several Bitcoin miners have been quietly reorienting their GPU fleets and power contracts toward AI workloads, recognizing that the demand for inference compute is growing faster than the economics of proof-of-work mining can keep up with.
What most players miss is that the real competition in this space is not other miners. It is hyperscale cloud providers. Winning enterprise AI infrastructure contracts against AWS, Azure, and Google Cloud requires more than cheap power; it demands uptime guarantees, support infrastructure, and enterprise sales relationships that most mining companies are still building from scratch.
Hive's $660 million ARR target for 2028 will be a genuine test of whether a company born in the web3 mining era can compete in one of the most capital-intensive segments of the tech industry. The fiscal 2026 revenue surge gives it a financial runway. The Toronto data center project will show whether it has the execution to match.
For more context on the broader shift in how tech and gaming infrastructure companies are approaching AI compute, check out our gaming guides and game reviews sections where we cover the hardware and platform trends shaping interactive entertainment.
