HIVE's AI Pivot Brings 10x Revenue Boost Over Bitcoin Mining
HIVE's Executive Chairman Frank Holmes recently stated that the company's AI compute GPUs are generating revenue at a rate 10 times higher than its bitcoin mining rigs. According to Holmes, HIVE's AI GPU cluster earns about $2.90 per GPU-hour, while its bitcoin mining rigs generate roughly $0.12 per hour.
This significant difference in revenue is due to the high demand for AI infrastructure and the company's strategic decision to pivot towards this market. HIVE's total fiscal 2026 revenue reached $297.8 million, a 158% increase year over year, with digital currency revenue from bitcoin mining up 164%. The company's newer BUZZ HPC division, which houses its AI and high-performance computing business, generated $19.5 million in revenue, up 94% from the prior year.
The company is also building a massive 320-megawatt AI data center in the Greater Toronto Area, designed to host over 100,000 GPUs. Once fully operational, this facility could generate around $360 million in annualized recurring revenue. This ambitious project aligns with HIVE's goal of growing its AI and HPC run-rate revenue tenfold by its fiscal year-end.