HIVE Revenue Surges, But Bitcoin Slump Looms

HIVE Digital Technologies announced a substantial 158% year-over-year revenue increase, reaching $297.80 million for its full fiscal year 2026. This growth was primarily fueled by an expanded Bitcoin mining hashrate and contributions from its Paraguay operations.

The company also reported positive operational improvements, with its gross operating margin expanding from 22% to 36%. Adjusted EBITDA for the fiscal year stood at $72.90 million, indicating enhanced profitability.

Despite these full-year successes, the recent downturn in Bitcoin prices presents a challenge. As of early June 2026, Bitcoin dipped below $70,000, a level uncomfortably close to the estimated breakeven cost for many public miners.

This price pressure was evident in HIVE's fourth-quarter results. The average Bitcoin price during the full fiscal year was $98,040, but it fell into the mid-$70s in Q4. Consequently, HIVE's adjusted EBITDA swung to a negative $9 million, and its gross operating margin dropped to 24%. Bitcoin mining revenue also declined by 23.9% quarter-over-quarter.

The broader cryptocurrency market faces headwinds due to the April 2024 halving event, which reduced block rewards. Coupled with an expanding global network hashrate, miners are now competing for a smaller pool of new coins, affecting profitability across the industry.