Hive Reports $45.6M in Total Revenue Thanks to Bitcoin Mining Boom
Hive Digital Technologies reported its record quarterly results for the first quarter of fiscal year 2026, which ended June 30, with digital currency mining revenue of $40.8 million.
Significant growth in digital currency mining revenues
Hive Digital Technologies (Nasdaq: HIVE) reported its best quarterly results to date, driven by increased bitcoin (BTC) production and significant improvements in mining efficiency. In the first quarter of fiscal 2026, which ended June 30, the company recorded cryptocurrency mining revenue of $40.8 million, up 44.9% from the previous quarter.
The increase in revenue was the result of a 47% increase in average hashrate, from 5.9 EH/s in Q4 to 8.7 EH/s in Q1. According to the official press release, this expansion of operations allowed HIVE to mine 406 Bitcoin, up 34% from the previous quarter, despite a 10.2% increase in network difficulty. The company attributed its success to strategic investments in state-of-the-art mining equipment and a commitment to using affordable, largely carbon-free energy sources.
“This has been an outstanding quarter,” said Aydin Kilic, president and CEO of Hive. “We are currently mining 7.5 Bitcoin daily at over 15 EH/sec, and we are on track to reach 25 EH/sec by Thanksgiving, which will cement HIVE as one of the world’s leading Bitcoin miners.”
The company's total revenue for the quarter was $45.6 million, of which nearly 90% came from digital currency mining. Gross operating margin increased to 34.7% compared to 28.2% in the previous quarter, and net income reached $35 million due to increased investments in digital assets and equity. Adjusted EBITDA was $44.6 million, confirming strong operating efficiency.
HIVE’s financial strength was also bolstered by $71.9 million in cash and digital currencies at the end of the quarter, allowing the company to continue its aggressive expansion. Executive Chairman Frank Holmes noted the importance of Hive in securing and decentralizing the Bitcoin network across three countries and nine time zones.
Going forward, Hive aims to achieve $315 million in annual Bitcoin mining revenue based on current prices and network conditions. The company also plans to expand its high-performance computing (HPC) division, BUZZ, with the goal of generating $100 million in artificial intelligence (AI) and cloud computing revenue by 2026.
Source: cryptonews.net
