Bitcoin miner HIVE reports 'record' revenue as BTC production jumps
Quick Take
- The company registered $87.3 million in revenue during the second quarter of its 2026 fiscal year, which was a 285% increase year-over-year.
- Bitcoin production rose 77% quarter-over-quarter to 717 BTC, currently worth about $67.5 million.
HIVE Digital Technologies (ticker HIVE) said on Monday it posted "record" revenue as the bitcoin miner's production of BTC increased significantly during its most recent quarter.
The company said in an earnings statement that it registered $87.3 million in revenue during the second quarter of its 2026 fiscal year, representing a 285% increase year-over-year. HIVE also reported an adjusted EBITDA of $31.5 million.
The bitcoin miner said production also rose 77% quarter-over-quarter despite an "increase in network difficulty" to 717 BTC, currently worth about $67.5 million. Production was also up over 100% year-over-year as HIVE produced 340 bitcoin during the same period in 2024.
Bitcoin is trading at roughly $94,000 on Monday morning, down about 10% during the past week.
"Despite Bitcoin hashprice being up only about 25% year-over-year, our revenue soared 285% year-over-year due to our aggressive hashrate expansion and relentless focus on efficiency," HIVE Executive Chairman Frank Holmes said in a statement.
According to some market watchers, bitcoin miners have recently entered a new era. While shares in bitcoin miners once traded in near lockstep with the price of BTC, with many miners pivoting towards artificial intelligence infrastructure, their stocks have been increasingly driven by the AI theme, JPMorgan analysts said last month.
"We are accelerating our AI data center initiatives across Canada and Europe, laying the groundwork for Tier III+ facilities capable of supporting hyperscale GPU deployments," HIVE President and CEO Aydin Kilic said in a statement. "BUZZ HPC is becoming a powerful growth engine.”
BUZZ HPC is HIVE's high-performance computing subsidiary.
HIVE's shares rose about 6% to $3.52 as of 10:46 a.m., according to The Block's price page. The company's stock is up over 20% so far this year.
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