HIVE Digital Technologies posted a record third fiscal quarter despite weaker bitcoin prices, suggesting its expansion into artificial intelligence and high-performance computing is offsetting broader issues in the cryptocurrency market.
For the quarter ended December 31, 2025, HIVE reported revenue of $93.1 million, an enhance of 219% compared to the prior year. Gross operating margin increased more than sixfold year-over-year to $32.1 million, representing approximately 35% of revenue.
The powerful performance came even as Bitcoin (BTC) prices fell by around 10% during the quarter and network difficulties increased by around 15%, putting pressure on mining margins across the industry following the 2024 halving.
HIVE generated 885 Bitcoins during the period, up 23% quarter-over-quarter, while scaling its installed hashrate to 25 exahash per second (EH/s).
In addition to mining, the company continues to expand its artificial intelligence and high-performance computing (HPC) businesses. In February, HIVE signed a two-year, $30 million contract to deploy 504 Nvidia B200 GPUs for enterprise AI cloud services.
The transaction is expected to enhance annual recurring revenue by approximately $15 million and enhance HIVE’s annual HPC revenue rate by approximately 75%.
The company plans to achieve $140 million in annual recurring AI cloud revenue by the fourth quarter of 2026, as part of a broader plan to enhance total HPC revenue to $225 million as it expands GPU cloud and colocation capabilities.
Related: Bitcoin mining calculations for 2026: AI changes, margin pressure and the fight for survival
HIVE’s expansion beyond Bitcoin mining is gaining momentum
HIVE was one of the first publicly traded Bitcoin miners, but it began turning to HPC infrastructure a few years ago as management anticipated increasing competition and margin compression in the mining sector.
This diversification is becoming more and more critical. Mining profitability has plummeted following the 2024 halving, which reduced block rewards, while growing network difficulties and volatile Bitcoin prices added additional pressure. The environment has deteriorated after Bitcoin retreated from its October 2025 highs, forcing many miners to reassess their capital allocation and infrastructure strategy.
HIVE’s “dual engine” model, using Bitcoin mining as a cash flow generator while building recurring revenues from AI and HPC, reflects a broader shift among publicly traded miners seeking stability beyond Bitcoin price cycles.
Several other Bitcoin miners, including IREN and TeraWulf, have moved toward AI workloads, reflecting a growing view among analysts that the next infrastructure “supercycle” will be powered by artificial intelligence rather than cryptocurrencies.
Related: Paradigm views Bitcoin mining as a network asset, not an energy drain
