HIVE Sees 90% of Daily Revenue from Bitcoin Mining Amid AI Expansion

HIVE Digital Technologies reported strong financials for its Bitcoin mining and GPU-cloud businesses. Over a period of 21 days from August 21 to September 10, the company generated over $1 million in combined average daily revenue. The majority of this revenue, approximately 90%, came from Bitcoin mining.

The company mined an average of about 12 Bitcoins per day during the period, which accounts for roughly 2% of global network production. This revenue is preliminary and unaudited management estimates, tied to prevailing Bitcoin prices, network difficulty, and operating conditions.

HIVE's AI expansion efforts are contributing less than 10% to its reported revenue, with GPU cloud generating around $100,000 a day during the period. The company has closed over $600 million in GPU-cloud total contract value year-to-date but warned that this is not recognized revenue and does not guarantee future income.

The company is currently evaluating whether to repurpose its mining facilities for high-performance computing, used for services such as AI. However, it has not completed the conversion process and may wind down or adjust operations as planned.