In fiscal 2026 HIVE mined 2,885 bitcoin and lost US$148 million. Both facts are true, and together they describe a company in the middle of changing its mind.
HIVE began as a bet that crypto mining could be a public-market business rather than a garage hobby. In 2017 it listed on the TSX Venture Exchange, billed as the first cryptocurrency mining company to do so. Vancouver gave it a home, but the machines went where the electricity was cheap. In 2018 and 2019 it expanded to Sweden and Iceland, leaning on renewable power.
It turned into something investors found more exciting, high-performance computing for AI, under a banner called BUZZ.
That choice defined the brand. HIVE sold itself as green: hydro and geothermal rather than coal. It also made a quiet decision to keep part of what it mined, a practice the crypto world calls HODLing, and has held bitcoin since March 2019.
For years the company mined Ethereum on graphics cards. Then, in 2022, Ethereum switched to proof of stake and the work disappeared overnight. HIVE refocused on bitcoin, which needs specialised machines, and in 2023 renamed itself HIVE Digital Technologies to reflect a broader scope. The graphics-processor business did not die. It turned into something investors found more exciting, high-performance computing for AI, under a banner called BUZZ.
The numbers show the pivot half-finished. In the year to March 31, 2026, revenue reached US$297.8 million, up 158 per cent. Mining accounted for US$278.3 million and BUZZ hosting US$19.5 million. Hashrate stood at 25.1 exahash per second. But the GAAP net loss was US$148.4 million, mostly depreciation and unrealised investment losses, and adjusted EBITDA turned negative in the final quarter, when gross operating margin dropped to 24 per cent. By November 2026 the market valued the company at about US$474 million, and it trades on NASDAQ as well as in Canada.
The sceptical reading is that a miner calling itself an AI company is following the money. The generous one is that miners already own the hard things AI needs: cheap power, cooling, buildings and the people who can run them. Contracted annual recurring revenue from computing was about US$35 million at year end.
For a founder, the story is about assets outliving their original use. Ethereum mining ended in a day. The hardware, the power contracts and the know-how did not. What the company does with them next will decide whether 2022 was an ending or a transfer.