HIVE: AI GPUs earn $2.90/hour vs $0.12 for bitcoin rigs
HIVE Executive Chairman Frank Holmes noted the company’s AI GPUs earn about $2.90 per GPU-hour, versus roughly $0.12 per hour for bitcoin miners, as fiscal 2026 revenue hit $297.8M.
At the Roundtable 100 series, HIVE Executive Chairman Frank Holmes compared revenue per hour for the company’s AI GPUs with that of its bitcoin mining rigs and provided specific figures for each.
Holmes cited a 504-GPU Nvidia B200 cluster HIVE operates at Bell Canada’s AI fabric in Manitoba, which he said earns roughly $2.90 per GPU-hour. By comparison, HIVE’s bitcoin miners generated about $0.12 per hour on average, a gap of more than 20 times on that metric.
HIVE reported fiscal 2026 revenue of $297.8 million, an increase of 158% year over year. The company’s average hashrate rose 290% to 22.2 exahashes per second, representing about 3% of the Bitcoin network. HIVE mined 2,885 BTC in the period, up from 1,414 BTC the prior year, and digital currency revenue increased 164%.
The company’s BUZZ HPC division, which manages AI and high-performance computing contracts, generated $19.5 million in revenue, up 94% from $10 million a year earlier. HIVE invested about $70 million in Nvidia GPUs roughly three years ago, at a time when many of those cards were used for Ethereum mining before that network moved to proof-of-stake.
HIVE has secured commercial and financing arrangements to expand its GPU business. The company signed an approximately $220 million GPU cloud agreement with Bell and AI firm Cohere and raised $75 million through a note offering to fund further AI infrastructure. On July 27, Chardan Capital initiated coverage of HIVE with a Buy rating and a $7.50 price target.
HIVE is building a 320-megawatt AI data center in the Greater Toronto Area designed to host more than 100,000 GPUs. The company projects the facility could produce roughly $360 million in annualized recurring revenue once fully online in the second half of 2027. HIVE aims to grow its AI and HPC run-rate revenue tenfold by its fiscal year-end, a target that depends on the Toronto hub and additional GPU cloud contracts coming online on schedule.
Other publicly traded miners have reported shifting capacity to AI and cloud customers, and HIVE noted that bitcoin mining economics have been affected by 15 difficulty adjustments so far this year and by the reallocation of megawatts to AI and cloud computing.
HIVE plans to continue operating both its AI compute and bitcoin mining businesses, maintaining its mining footprint and hashrate while scaling GPU cloud services and data center projects.
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