Hive Digital Applied sciences reported its strongest quarterly efficiency thus far for the primary quarter of fiscal 12 months 2026, ending June 30, with $40.8 million in digital forex mining income.
Digital Foreign money Mining Income Surges
Bitcoin miner Hive Digital Applied sciences (Nasdaq: HIVE) has posted its “strongest” quarterly efficiency thus far, pushed by surging bitcoin ( BTC) manufacturing and a pointy enhance in mining effectivity. For the primary quarter (Q1) of the fiscal 12 months of 2026, ending June 30, the corporate reported $40.8 million in digital forex mining income, marking a 44.9% sequential enhance from the earlier quarter.
The enhance in income was fueled by a 47% rise in common hashrate, climbing from 5.9 EH/s in This autumn to eight.7 EH/s in Q1. In keeping with a chosen information launch, this operational growth enabled HIVE to mine 406 Bitcoin, a 34% enhance quarter-over-quarter, regardless of a ten.2% rise in community issue. The corporate attributed its success to strategic investments in next-generation mining tools and its dedication to low-cost, predominantly zero-carbon power sources.
“This was an outstanding quarter,” mentioned Aydin Kilic, President and CEO of Hive. “We’re now producing 7.5 Bitcoin day by day with over 15 EH/s, and we’re on monitor to achieve 25 EH/s by Thanksgiving, cementing HIVE among the many world’s largest bitcoin miners.”
The corporate’s complete income for the quarter reached $45.6 million, with digital forex mining accounting for practically 90% of that determine. Gross working margins improved to 34.7%, up from 28.2% within the earlier quarter, whereas web revenue hit $35 million, bolstered by beneficial properties on digital property and fairness investments. Adjusted EBITDA got here in at $44.6 million, reflecting robust operational effectivity.
HIVE’s monetary power was additional underscored by its $71.9 million in money and digital currencies at quarter-end, positioning the corporate to proceed its aggressive growth. Government Chairman Frank Holmes emphasised Hive’s function in supporting Bitcoin community safety and decentralization throughout three nations and 9 time zones.
Wanting forward, Hive goals to realize an annualized Bitcoin mining income run fee of $315 million, primarily based on present costs and community situations. The corporate additionally plans to scale its high-performance computing (HPC) division, BUZZ, with a aim of producing $100 million in synthetic intelligence (AI) and cloud computing income by 2026.
