Canadian mining company HIVE Digital Technologies reported its financial results for the fiscal year 2026 (ending March 31). Annual revenue surged by 158%, reaching $297.8 million.
According to the report, revenues from digital asset mining increased by 164% to $278.3 million. This was driven by a fourfold increase in operational hash rate and a high average Bitcoin price ($98,040 compared to $75,881 the previous year).
During the reporting period, the company mined 2,885 BTC, which is 104% more than the previous year's figure of 1,414 BTC. Meanwhile, the average network difficulty rose by 42%, from 95.7 T to 135.8 T.
Revenue from the high-performance computing (HPC) division reached a record $19.5 million, up 94%. The growth was fueled by the launch of a cluster based on NVIDIA H200 chips.
Despite the operational gains, HIVE reported a net loss of $148.4 million under GAAP. The company explained that this figure was due to non-cash items: equipment depreciation of $170.4 million and adjustments to the value of investments.
Notably, in the fourth quarter of the fiscal year, the miner significantly reduced its Bitcoin reserves. As of March 31, 2026, HIVE held 150 BTC valued at approximately $10.8 million. In comparison, on December 31, 2025, the company held 481 BTC.
Quarterly mining revenue fell to $67.2 million (down 23.9% from the previous quarter) amid a correction in Bitcoin prices and rising network difficulty.
By the end of 2028, HIVE aims to increase annual revenue in the HPC segment to $660 million. A key project in this direction will be the construction of a 320 MW AI data center in Toronto.
Recall that in March 2026, HIVE launched the first GPU cluster for artificial intelligence in Paraguay.