HIVE Exec: AI GPUs Earn 10x More per Hour Than Mining Rigs

HIVE Executive Chairman Frank Holmes said the firm’s AI compute GPUs are generating far more revenue per hour than its bitcoin mining rigs, as the company’s fiscal 2026 revenue surged 158% to $297.8 million.

During the Roundtable 100 series, Holmes explained that a 504-GPU Nvidia B200 cluster running at Bell Canada’s AI fabric in Manitoba earns roughly $2.90 per GPU-hour, compared with approximately $0.12 per hour from HIVE’s bitcoin mining rigs – a gap of more than 20 times. This comparison underscores HIVE’s strategy of directing more infrastructure spend toward higher-margin AI compute while maintaining its mining operations.

HIVE’s average hashrate for fiscal 2026 reached 22.2 exahashes per second (EH/s), up 290% year-over-year, representing about 3% of the total Bitcoin network hashrate. The company mined 2,885 BTC during the period, more than double the 1,414 BTC mined in fiscal 2025. Total revenue hit $297.8 million, a 158% increase, with digital currency revenue from mining up 164%. HIVE’s BUZZ HPC division, housing its AI and high-performance computing business, generated $19.5 million in revenue, up 94% from $10 million the prior year.

The AI pivot began three years ago with a $70 million bet on Nvidia chips, initially for Ethereum mining. That early investment positioned HIVE when AI computing demand surged. Chardan Capital initiated coverage on July 27 with a “Buy” rating and $7.50 price target – HIVE’s first sell-side analyst rating. The company also signed a $220 million GPU cloud agreement with Bell and AI firm Cohere and raised $75 million through a note offering for AI infrastructure.

HIVE’s most ambitious project is a 320-megawatt AI data center in the Greater Toronto Area, designed to host over 100,000 GPUs. The facility could generate roughly $360 million in annualized recurring revenue once fully online in the second half of 2027. HIVE’s near-term target is to grow AI and HPC run-rate revenue tenfold from current levels by fiscal year-end. The company joins peers like MARA, Hut 8, and Terawulf in shifting resources toward AI as bitcoin mining margins tighten.

Source: https://news.bitcoin.com/mining/ai-gpus-earn-10x-more-per-hour-than-mining-rigs/