HIVE Executive Chairman Frank Holmes says the company’s artificial intelligence infrastructure is producing substantially more revenue per hour than its bitcoin mining equipment, as the firm reported a 158% rise in fiscal 2026 revenue to $297.8m.
Speaking during the Roundtable 100 series earlier this week, Holmes compared the returns from HIVE’s artificial intelligence (AI) and cryptocurrency operations. A cluster of 504 Nvidia B200 GPUs operating at Bell Canada’s AI fabric in Manitoba generates about $2.90 per GPU-hour, while HIVE’s bitcoin mining rigs produce roughly $0.12 per hour.
That means the specific GPU comparison favours AI computing by more than 20 times, although HIVE has described its broader AI GPU business as earning about 10 times more per hour than its mining rigs.
The figures underline HIVE’s strategy as it moves further into AI infrastructure while maintaining its bitcoin mining operation. Rather than treating the two activities as competing uses of the same electricity and hardware, the company is allocating more investment towards the higher-margin AI business.
Mining remains a significant part of HIVE’s operations. Its average hashrate in fiscal 2026 reached 22.2 exahashes per second, an increase of 290% compared with the previous year. That represented about 3% of the total bitcoin network hashrate.
HIVE mined 2,885 BTC during the financial year, more than twice the 1,414 BTC produced in fiscal 2025. Total revenue reached $297.8m, while revenue from bitcoin mining rose by 164%.
The company’s BUZZ HPC division, which contains its artificial intelligence and high-performance computing operations, generated $19.5m in revenue. That was up from $10m in the previous year, representing a 94% increase.
HIVE’s move into AI began around three years ago, when it committed $70m to Nvidia chips. At the time, most of its GPU fleet was being used to mine ether. That market ended for GPU miners after Ethereum moved to proof-of-stake.
Holmes has said the early investment, initially focused on Ethereum mining, helped HIVE respond quickly when the AI computing boom created new demand for similar hardware.
The company has since received external backing for its strategy. Chardan Capital began coverage of HIVE on 27 July with a “Buy” rating and a $7.50 price target, making it the first sell-side analyst to initiate coverage of the company.
HIVE has also agreed a GPU cloud contract worth about $220m with Bell and AI company Cohere. In addition, it raised $75m through a note offering intended to fund further AI infrastructure development.
Its largest planned project is a 320-megawatt AI data centre under construction in the Greater Toronto Area. The facility is expected eventually to accommodate more than 100,000 GPUs and could produce approximately $360m in annualised recurring revenue once fully operational in the second half of 2027.
HIVE is among several publicly traded bitcoin miners redirecting electricity and investment towards AI and high-performance computing. MARA has also said AI computing generates more revenue per unit of electricity than bitcoin mining. Hut 8 has agreed a Texas AI lease worth about $9.8bn, while Terawulf has secured AI contracts valued at $12.8bn.
The shift comes as bitcoin mining margins face increasing pressure. Bitcoin’s network difficulty has adjusted 15 times this year, while hashprice has declined and more available power is being directed towards AI and cloud-computing customers rather than new mining capacity.
HIVE is targeting a tenfold increase in AI and HPC run-rate revenue by the end of its financial year. Reaching that goal will depend largely on the Toronto data centre and additional GPU cloud contracts becoming operational on schedule.
Bitcoin mining and artificial intelligence infrastructure stocks posted double-digit gains across the board on Thursday, 30 July 2026.
