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– Hive Digital Technologies nearly tripled revenues to $297.8 million by fiscal 2026, driven by the rising value of bitcoin and a quadrupling of its mining capacity.

the company produced 2,885 bitcoins during the year while expanding into AI computing, and its BUZZ HPC division increased revenue 94% to $19.5 million.

HIVE is investing heavily in AI infrastructure, announcing plans for a massive 320 megawatt data center near Toronto that will be the largest private AI hub in Canada.

Hive Digital Technologies reported a significant increase in revenue for the fiscal year ended March 31, helped by last year’s surge in bitcoin prices and the rapid expansion of its computing business as the Canadian mining company seeks to become a key player in AI infrastructure.

the company’s total revenue for fiscal 2026 reached $297.8 million, showing a 158% year-on-year increase, mainly due to a significant expansion of its bitcoin mining operations.

Hive mined 2,885 bitcoins during the year, more than double the 1,414 in fiscal 2025, with an average bitcoin price of about $98,000, up from $75,900 a year earlier.

Despite an increase in the reward for mining last year, the amount of bitcoins on the company’s balance sheet declined during that time. Hive said it had 150 BTC, equivalent to about $10 million, at the end of its fiscal year, down from 481 BTC on Dec. 31.

However, the company’s ambitions go far beyond cryptocurrencies. Hive’s high-performance computing division, BUZZ HPC, generated $19.5 million in revenue, up 94% year-over-year, and management is positioning it to drive the company’s future growth.

In May, Hive announced plans to build a 320-megawatt data center in the Greater Toronto Area that will be able to accommodate more than 100,000 Nvidia GPUs at full load. The company calls the project the largest planned private AI infrastructure facility in Canada. The company has set a goal of generating $660 million in annual recurring revenue from its computing business by the end of 2028.

Bitcoin traders are losing confidence in the main crypto asset’s ability to continue growing in the near future.

Users of prediction markets on Myriad, a prediction market platform operated by Decrypt’s parent company, Dastan, now suggest that bitcoin is more likely to fall to $55,000 than it is to rise to $84,000, with a 53% probability. On Monday, users estimated the probability of an upward move at 62% . The decline in confidence comes amid continued pressure on BTC, which has fallen more than 5% in the past 24 hours to reach…

Financial results were not without complications. HIVE reported a GAAP net loss of $148.4 million for the year, although the company said approximately $221 million of the loss was due to non-cash items, including depreciation and amortization expense.

The company has operations in Canada, Sweden and Paraguay, with all facilities utilizing green energy and a total installed hashing capacity of 25.1 exash per second.

Hive (HIVE) shares are down about 2.6% for the day, recently trading at $4.63 according to Yahoo Finance, but earlier in the session hit a year-to-date high of $4.97.