HIVE’s Bitcoin output jumps 49%, but mining revenue still falls

HIVE Digital built its original business on Bitcoin mining rigs, the same model Marathon Digital and Core Scientific scaled after the 2024 halving cut block rewards and squeezed margins industry-wide. Like several peers, HIVE has spent the past two years redirecting capital toward AI and high-performance-computing hosting under its BUZZ HPC brand, treating data-center infrastructure as a hedge against thinner mining economics rather than abandoning Bitcoin output altogether.

Shareholders now read two conflicting lines in the same filing: a 49% jump in BTC mined to 1,070 coins, and a 7.4% drop in digital-currency revenue, alongside a $78.7 million net loss driven by $54.9 million in depreciation and a $31.2 million equipment impairment. Management will need to justify further rig write-downs to investors while leaning harder on the AI segment, where BUZZ HPC revenue rose 70.7% and now supplies a growing share of the $84.9 million total.

A miner that still trumpets Bitcoin production headlines while deriving most of its revenue growth from hosting AI workloads raises a fair question about what kind of company HIVE actually is becoming. Mining more coins for less money exposes how thin the margins have turned after halving and rising power costs, not a flaw unique to HIVE; MARA posted a steeper 34% mining-revenue decline despite a smaller 5% output gain, suggesting the squeeze is sector-wide rather than company-specific.

The next test is whether BUZZ HPC's growth rate holds as HIVE scales capacity, and whether further equipment impairments appear in upcoming quarterly filings as depreciation schedules catch up with aging rigs. Watch HIVE's next quarterly report for digital-currency revenue trends against AI hosting revenue, and whether power expenses, which rose 20% this quarter, keep outpacing the value of coins mined.

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