HIVE Digital Technologies says Bitcoin mining generated more than 90% of its combined average daily revenue between Aug. 21 and Sept. 10, despite the company’s growing focus on artificial intelligence infrastructure.
The cryptocurrency miner reported more than $1 million in average daily revenue from its Bitcoin-mining and GPU-cloud businesses during the period. GPU cloud contributed about $100,000 a day, meaning the AI-related operation accounted for less than roughly 10% of the total.
Bitcoin mining supplied the remainder, highlighting the extent to which HIVE’s established business continues to finance its move into AI services.
Mining remains the main revenue source
HIVE mined an average of about 12 Bitcoin per day during the period, equivalent to roughly 2% of global network production.
The figures are preliminary and unaudited management estimates. HIVE said the results were affected by prevailing Bitcoin prices, network difficulty and operating conditions. The value of its mining output can therefore rise or fall as Bitcoin’s price and wider network economics change.
While GPU cloud has given HIVE an operating presence in AI infrastructure, mining remained responsible for most of the company’s reported revenue during the period.
HIVE also said it had secured more than $600 million in GPU-cloud total contract value year to date. That figure includes signed customer agreements and letters of intent, but the company stressed that total contract value is not recognised revenue and does not guarantee future income.
The clarification follows August reports of a $350 million AI cloud agreement, alongside the financing and delivery requirements linked to a $185 million GPU buildout. HIVE’s latest figures show that its AI business is already producing revenue, but the larger commercial pipeline will depend on agreements being delivered over time.
Plans to repurpose mining facilities
HIVE said the operations concerned contributed less than 5% of the company’s global daily revenue in August and that it intends to wind down mining at the facilities.
The company is assessing whether those sites could instead be used for high-performance computing, the data-intensive infrastructure that supports services such as AI. However, HIVE has not said that any conversion is complete, and its update warned that the planned wind-down and repurposing may not proceed as intended.
The figures illustrate a two-speed transition for the business. GPU cloud has become a source of operating revenue, but Bitcoin mining remains its financial engine.
HIVE’s next challenge will be turning more of its signed agreements and letters of intent, as well as its existing infrastructure, into recognised GPU-cloud revenue while maintaining the mining cash flow supporting the shift.
