Hive Digital Technologies reported the strongest quarterly performance ever for the first quarter of 2026, which ended June 30th.
Surge in digital currency mining revenue
Bitcoin Miner Hive Digital Technologies (NASDAQ: HIVE) has posted its “strongest” quarterly performance to date, thanks to a rapid increase in Bitcoin (BTC) production and mining efficiency. In the first quarter of 2026 (Q1), which ends June 30, the company reported digital currency mining revenue of $40 million, showing a 44.9% increase from the previous quarter.
The increase in revenue was driven by a 47% increase in the average hashrate, rising from 5.9 EH/s in Q4 to 8.7 EH/s in Q1. According to the designated news release, the operational expansion allows the company to mine 406 Bitcoin, which increases 34% per quarter, despite an increase in network difficulty by 10.2%. The company attributes its success to its strategic investment in next-generation mining equipment and its commitment to low cost to zero-carbon energy sources.
“It was an incredible district,” said Aydin Kilic, president and CEO of Hive. “We currently produce 7.5 bitcoins every day at over 15 EH/s. We reached 25 EH/s on Thanksgiving, solidifying our hives among the world’s largest bitcoin miners.”
The company’s total revenue for the quarter reached $45.6 million, with digital currency mining accounting for almost 90% of that figure. Total operating profit margin improved to 34.7% from 28.2% in the last quarter, with net income reaching $35 million, strengthened by profits from digital assets and equity investments. The coordinated EBITDA came in at $44.6 million, reflecting strong operational efficiency.
The Hive’s financial strength was further highlighted by $71.9 million in cash and digital currencies in the quarter-end, and placed the company in order to continue its aggressive expansion. Executive Chairman Frank Holmes highlighted the role of the Hive in supporting the security and decentralization of the Bitcoin network across three countries and nine time zones.
Looking ahead, Hive aims to achieve an annual Bitcoin mining revenue travel rate of $315 million based on current prices and network conditions. The company will also expand its high performance computing (HPC) division, Buzz, with the goal of generating $100 million in artificial intelligence (AI) and cloud computing revenue by 2026.