Bitcoin mining supplies 90% of HIVE’s $1 million daily revenue despite ongoing AI expansion

HIVE Digital Technologies said its Bitcoin-mining and GPU-cloud businesses generated more than $1 million in combined average daily revenue from Aug. 21 through Sept. 10, quantifying how much its AI pivot contributes to current operations.

GPU cloud produced about $100,000 a day over the period, according to HIVE’s Sept. 10 update. That means the AI business is generating operating revenue, but it accounted for less than roughly 10% of the reported total. Bitcoin mining supplied more than nine-tenths.

Mining still carries the transition

HIVE said it mined an average of about 12 Bitcoin per day during the period, equal to roughly 2% of global network production. The revenue figures are preliminary, unaudited management estimates, and the company tied the result to prevailing Bitcoin prices, network difficulty, and operating conditions.

The dollar value of mining output can change with Bitcoin’s price and network economics. GPU cloud gives HIVE an operating foothold in AI infrastructure, while mining still supplied most of its reported revenue during the period.

HIVE said it had closed more than $600 million in GPU-cloud total contract value year to date, combining signed customer agreements and letters of intent. The company warned that total contract value is not recognized revenue and does not guarantee future revenue.

That distinction follows August reports of a $350 million AI cloud agreement and the financing and execution demands of the related $185 million GPU buildout. The new disclosure shows the AI business generating revenue, but the much larger commercial pipeline still depends on delivery over time.

HIVE said those operations contributed less than 5% of the company's global daily revenue in August and that it intends to wind down mining at the facilities.

HIVE is evaluating whether to repurpose the sites for high-performance computing, the data-intensive infrastructure used for services such as AI. It has not said the conversion is complete, and its release cautioned that the wind-down and repurposing may not proceed as planned.

For now, the operating numbers show a two-speed transition. AI cloud has become a revenue-producing business, while Bitcoin mining remains the financial engine.

The next test is whether HIVE can turn more of its signed agreements and letters of intent, along with its existing infrastructure, into recognized GPU-cloud revenue without losing the mining cash flow carrying the shift.