Hive Digital Q1 Soars on Bitcoin Mining and AI HPC Growth
Hive Digital reported record fiscal Q1 2026 revenue of $45.6 million, driven by a 44.9% jump in Bitcoin mining revenue and a 59.8% surge in its high-performance computing (HPC) unit. The mining segment contributed $40.8 million after the company mined 406 BTC, up 34% quarter-over-quarter, while its Buzz HPC division generated a record $4.8 million. Adjusted earnings reached $44.6 million. Executives Frank Holmes and Aydin Kilic aim to scale the HPC business to a $100 million annual run rate by next year, leveraging advanced AI chips. HIVE shares traded near $2.20 after the results, down 23% year-to-date. The report follows similar record quarters from fellow miners CleanSpark and MARA, underpinned by rising Bitcoin prices. Industry pivots to AI hosting continue, exemplified by TeraWulf’s $3.7 billion deal with Fluidstack and Core Scientific’s post-bankruptcy AI turnaround.
Bullish
Record Q1 revenue driven by strong Bitcoin mining performance and rapid HPC segment growth underscores Hive Digital’s diversified business model. The mining division’s 44.9% revenue jump on 406 BTC mined and the Buzz HPC unit’s 59.8% gain signal robust demand for AI hosting. Executives’ $100 million ARR target for HPC by next year highlights strategic expansion beyond crypto mining. Similar successes from CleanSpark and MARA during Bitcoin rallies reinforce positive sector momentum. This dual focus on Bitcoin mining and AI-powered HPC likely boosts short-term trading interest and investor confidence, while long-term diversification strengthens resilience against Bitcoin price swings, making the outlook bullish.