XCH Miner

12, Nov

Hive's revenue reached $45.6 million due to the Bitcoin mining boom.

Cryptocurrency Mining Revenue Surges

Bitcoin mining company Hive Digital Technologies (NASDAQ: HIVE) reported its strongest quarter to date, driven by a surge in Bitcoin (BTC) production and a significant increase in mining efficiency. For the first quarter of fiscal year 2026 (Q1), ending June 30, the company reported cryptocurrency mining revenue of $40.8 million, a 44.9% increase quarter-over-quarter.

The revenue boost was driven by a 47% increase in average hashrate, rising from 5.9 EH/s in Q4 to 8.7 EH/s in Q1. According to a press release, this expansion enabled HIVE to mine 406 Bitcoins, a 34% increase quarter-over-quarter, despite a 10.2% increase in network difficulty. The company attributed its success to strategic investments in next-generation mining equipment and its commitment to low-cost, primarily zero-carbon energy sources.

“This has been an exceptional quarter,” said Aydin Kilic, President and CEO of Hive. “We are currently producing 7.5 Bitcoins per day, exceeding 15 EH/s, and plan to reach 25 EH/s by Thanksgiving, solidifying HIVE's position among the world's largest Bitcoin miners.”

The company's total revenue for the quarter reached $45.6 million, with cryptocurrency mining accounting for nearly 90% of that figure. Gross margin improved to 34.7%, up from 28.2% in the previous quarter, while net income reached $35 million, driven by gains from digital assets and equity investments. Adjusted EBITDA was $44.6 million, reflecting strong operational efficiency.