Hive Digital Technologies reported its strongest quarterly performance to date for the first quarter of fiscal year 2026, ending June 30, with $40.8 million in digital currency mining revenue.
Digital Currency Mining Revenue Surges
Bitcoin miner Hive Digital Technologies (Nasdaq: HIVE) has posted its “strongest” quarterly performance to date, driven by surging bitcoin ( BTC) production and a sharp increase in mining efficiency. For the first quarter (Q1) of the fiscal year of 2026, ending June 30, the company reported $40.8 million in digital currency mining revenue, marking a 44.9% sequential increase from the previous quarter.
The boost in revenue was fueled by a 47% rise in average hashrate, climbing from 5.9 EH/s in Q4 to 8.7 EH/s in Q1. According to a designated news release, this operational expansion enabled HIVE to mine 406 Bitcoin, a 34% increase quarter-over-quarter, despite a 10.2% rise in network difficulty. The company attributed its success to strategic investments in next-generation mining equipment and its commitment to low-cost, predominantly zero-carbon energy sources.
“This was a phenomenal quarter,” said Aydin Kilic, President and CEO of Hive. “We’re now producing 7.5 Bitcoin daily with over 15 EH/s, and we’re on track to reach 25 EH/s by Thanksgiving, cementing HIVE among the world’s largest bitcoin miners.”
The company’s total revenue for the quarter reached $45.6 million, with digital currency mining accounting for nearly 90% of that figure. Gross operating margins improved to 34.7%, up from 28.2% in the previous quarter, while net income hit $35 million, bolstered by gains on digital assets and equity investments. Adjusted EBITDA came in at $44.6 million, reflecting strong operational efficiency.
HIVE’s financial strength was further underscored by its $71.9 million in cash and digital currencies at quarter-end, positioning the company to continue its aggressive expansion. Executive Chairman Frank Holmes emphasized Hive’s role in supporting Bitcoin network security and decentralization across three countries and nine time zones.
Looking ahead, Hive aims to achieve an annualized Bitcoin mining revenue run rate of $315 million, based on current prices and network conditions. The company also plans to scale its high-performance computing (HPC) division, BUZZ, with a goal of generating $100 million in artificial intelligence (AI) and cloud computing revenue by 2026.
