Bitcoin mining supplies 90% of HIVE’s $1M daily revenue

HIVE Digital Technologies reported average combined daily revenue above $1 million for the period Aug. 21 through Sept. 10. Bitcoin mining accounted for more than 90% of that total, and GPU-cloud services brought in about $100,000 per day.

The company reported it mined roughly 12 Bitcoin per day over the three-week span, equivalent to about 2% of global network production. HIVE described the revenue figures as preliminary, unaudited management estimates that fluctuate with Bitcoin prices, network difficulty and operating conditions.

HIVE’s GPU-cloud business supplies computing capacity for artificial intelligence workloads. Revenue from those services represented about one-tenth of the reported daily total during the period. The company disclosed signed customer agreements and letters of intent with a combined total contract value exceeding $600 million year to date, and clarified those amounts are not recognized as revenue and do not guarantee future cash flow.

Earlier company disclosures referenced a reported $350 million AI cloud agreement and a related $185 million GPU buildout. HIVE noted the buildout will require additional financing and execution before the pipeline value converts into delivered capacity.

The company reported that GPU-cloud operations accounted for less than 5% of global daily revenue at some facilities in August. HIVE is evaluating whether to wind down Bitcoin mining at certain sites and repurpose them for high-performance computing, including locations in Sweden, and cautioned that wind-downs and conversions may not proceed as planned.

Management described the immediate task as turning signed agreements, letters of intent and existing infrastructure into recognized GPU-cloud revenue while maintaining the mining revenue that currently funds the business.