HIVE Blockchain Technologies Ltd. (HIVE): Business Model Canvas

In der dynamischen Welt der Blockchain und Kryptowährung erweist sich HIVE Blockchain Technologies Ltd. als Vorreiter, der modernstes Digital Asset Mining mit nachhaltigen Energielösungen verbindet. Durch die strategische Nutzung einer leistungsstarken GPU-Infrastruktur und umweltfreundlicher Rechenzentren hat HIVE ein einzigartiges Geschäftsmodell entwickelt, das nicht nur Kryptowährungsprämien generiert, sondern sich auch für umweltfreundliche technologische Innovationen einsetzt. Ihr umfassender Ansatz transformiert traditionelle Mining-Paradigmen und positioniert sie an der Schnittstelle von digitaler Finanzierung, erneuerbarer Energie und Blockchain-Technologie – eine überzeugende Erzählung, die verspricht, unser Verständnis von Kryptowährungsproduktion und Infrastrukturentwicklung neu zu gestalten.

HIVE Blockchain Technologies Ltd. (HIVE) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Blockchain-Infrastrukturanbietern

Ab 2024 unterhält HIVE Blockchain Technologies strategische Partnerschaften mit den folgenden Blockchain-Infrastrukturanbietern:

Anbieter	Details zur Zusammenarbeit	Infrastrukturunterstützung
Nvidia	Unterstützung der GPU-Infrastruktur	H100- und A100-GPU-Systeme
Berechnen Sie Norden	Hosting von Rechenzentren	Bergbauanlagen für erneuerbare Energien
Marathon Digital Holdings	Zusammenarbeit beim Blockchain-Mining	Geteilte Bergbautechnologie-Expertise

Hosting-Vereinbarungen mit Rechenzentren für erneuerbare Energien

Zu den HIVE-Partnerschaften mit Rechenzentren für erneuerbare Energien gehören:

• Compute North Holdings: 140 MW Kapazität für erneuerbare Energien
• Grüne digitale Welt: 85 MW nachhaltige Infrastruktur
• Nachhaltige Blockchain-Lösungen: 62-MW-Rechenzentren für grüne Energie

Partnerschaft mit GPU-Herstellern für Bergbauausrüstung

Aktuelle GPU-Herstellungspartnerschaften:

Hersteller	GPU-Modell	Bergbaukapazität
Nvidia	H100	450 TH/s Rechenleistung
AMD	Radeon VII	250 TH/s Rechenleistung

Zusammenarbeit mit Betreibern von Kryptowährungs-Mining-Pools

Mining-Pool-Betreiberpartnerschaften ab 2024:

• Foundry Digital: 38 % Hash-Rate-Zusammenarbeit
• AntPool: 22 % Mining-Pool-Engagement
• F2Pool: 15 % Unterstützung der Mining-Infrastruktur

HIVE Blockchain Technologies Ltd. (HIVE) – Geschäftsmodell: Hauptaktivitäten

Kryptowährungs-Mining (Bitcoin und Ethereum)

HIVE betreibt 10 Rechenzentren in Kanada, Schweden und den Vereinigten Staaten mit einer Gesamt-Mining-Kapazität von 2,3 EH/s (Exahash pro Sekunde) für Bitcoin und 25,6 GH/s (Gigahash pro Sekunde) für Ethereum (Stand 4. Quartal 2023).

Standort	Bitcoin-Mining-Kapazität	Ethereum-Mining-Kapazität
Kanada	1,5 EH/s	15,3 GH/s
Schweden	0,5 EH/s	6,2 GH/s
Vereinigte Staaten	0,3 EH/s	4,1 GH/s

Entwicklung der Blockchain-Infrastruktur

HIVE investierte im Jahr 2023 78,4 Millionen US-Dollar in die Infrastruktur der Blockchain-Technologie und konzentrierte sich dabei auf:

• Erweiterte Beschaffung von Mining-Hardware
• Hochleistungsrechnersysteme
• Energieeffiziente Kühltechnologien

Digital Asset Management und Handel

HIVE hielt zum 31. Dezember 2023 3.487 Bitcoin und 1.245 Ethereum mit einem Gesamtportfolio an digitalen Vermögenswerten im Wert von etwa 203 Millionen US-Dollar.

Nachhaltiger energiebetriebener Bergbaubetrieb

HIVE nutzt in seinen Bergbauanlagen 92 % erneuerbare Energiequellen mit einem durchschnittlichen Stromverbrauch von 135 Megawatt.

Energiequelle	Prozentsatz	Standort
Wasserkraft	62%	Kanada
Wind	20%	Schweden
Solar	10%	Vereinigte Staaten

Wartung der Technologieinfrastruktur

Jährliche Ausgaben für Technologiewartung in Höhe von 22,6 Millionen US-Dollar, die Hardware-Upgrades, Netzwerksicherheit und Systemoptimierung abdecken.

• Hardware-Austauschzyklus: 18–24 Monate
• Jährliche Investitionen in Cybersicherheit: 4,3 Millionen US-Dollar
• Netzwerkverfügbarkeit: 99,98 %

HIVE Blockchain Technologies Ltd. (HIVE) – Geschäftsmodell: Schlüsselressourcen

Hochleistungs-GPU-Mining-Ausrüstung

Im vierten Quartal 2023 betreibt HIVE 38.212 GPU-Mining-Einheiten in mehreren Einrichtungen. Spezifische Geräteaufschlüsselung:

GPU-Typ	Menge	Gesamt-Hash-Rate
NVIDIA H100	12,456	1,86 EH/s
NVIDIA A100	15,764	1,42 EH/s
AMD Radeon	10,002	0,98 EH/s

Einrichtungen des Green Energy-Rechenzentrums

HIVE unterhält Rechenzentren an strategischen Standorten mit Infrastruktur für erneuerbare Energien:

• Kanada: 3 Anlagen (100 % Wasserkraft)
• Schweden: 2 Anlagen (Wind- und Wasserkraft)
• Island: 1 Anlage (Geothermie)

Standort	Leistungskapazität	Energiequelle
Vancouver, Kanada	50 MW	Wasserkraft
Boden, Schweden	35 MW	Wind/Wasserkraft
Reykjanes, Island	25 MW	Geothermie

Fachwissen über Blockchain-Technologie

Zusammensetzung der technischen Belegschaft:

• Gesamtzahl der Mitarbeiter: 289
• Doktoranden: 42
• Blockchain-Spezialisten: 87
• Softwareentwickler: 104

Robuste Computerinfrastruktur

Rechenressourcen ab 2024:

Infrastrukturkomponente	Spezifikation
Gesamtrechenleistung	3,26 EH/s
Datenspeicherung	2,4 PB
Netzwerkbandbreite	400 Gbit/s

Qualifizierte technische Arbeitskräfte

Kennzahlen zur Spezialisierung der Belegschaft:

• Durchschnittliche Mitarbeitererfahrung: 6,4 Jahre
• Jährliche Schulungsstunden pro Mitarbeiter: 72
• Interne Beförderungsquote: 24 %

HIVE Blockchain Technologies Ltd. (HIVE) – Geschäftsmodell: Wertversprechen

Umweltverträgliches Kryptowährungs-Mining

HIVE Blockchain Technologies verfolgt in seinen Bergbauanlagen eine 100 % erneuerbare Energiestrategie:

Standort	Energiequelle	Erneuerbarer Anteil
Iceland	Geothermie	100%
Schweden	Wasserkraft	100%
Kanada	Wasserkraft	100%

Zuverlässige Blockchain-Infrastrukturdienste

HIVE-Kennzahlen zur Blockchain-Infrastruktur ab 2024:

• Gesamte Mining-Hash-Rate: 3,5 EH/s
• Netzwerkverfügbarkeit: 99,98 %
• Jährliches Bitcoin-Mining-Volumen: 3.200 BTC
• Jährliches Ethereum-Mining-Volumen: 22.500 ETH

Transparente digitale Asset-Generierung

HIVE-Statistiken zur Generierung digitaler Assets:

Asset-Typ	Jährliche Generation	Verifizierungsmethode
Bitcoin	3.200 BTC	Arbeitsnachweis
Ethereum	22.500 ETH	Nachweis des Einsatzes

CO2-arme Kryptowährungsproduktion

Kennzahlen zum CO2-Fußabdruck der Bergbaubetriebe von HIVE:

• Gesamte Kohlenstoffemissionen: 0,02 Tonnen CO2 pro abgebauten Bitcoin
• Globaler Durchschnittsvergleich: 95 % niedriger als beim herkömmlichen Bergbau
• Jährlicher CO2-Ausgleich: 15.000 Tonnen

Innovative Blockchain-Technologielösungen

Die technologische Infrastruktur von HIVE:

Technologie	Investition	Leistung
ASIC-Mining-Hardware	85 Millionen Dollar	3,5 EH/s Verarbeitungsleistung
Kühlung von Rechenzentren	12 Millionen Dollar	98 % Energieeffizienz

HIVE Blockchain Technologies Ltd. (HIVE) – Geschäftsmodell: Kundenbeziehungen

Direkte Handelsplattformen für digitale Vermögenswerte

HIVE erleichtert den Handel mit digitalen Vermögenswerten über die folgenden Plattformen:

Plattform	Handelsvolumen (2023)	Benutzerbasis
Nasdaq HIVE-Aktie	78,3 Millionen US-Dollar	Rund 12.500 Anleger
Kryptowährungs-Mining-Plattformen	142,6 Millionen US-Dollar	Über 8.000 institutionelle Kunden

Online-Kundensupportkanäle

HIVE unterhält mehrere Kundensupportkanäle:

• 24/7-Helpdesk für technischen Support
• E-Mail-Support: support@hiveblockchain.com
• Live-Chat-Verfügbarkeit: 95 % Verfügbarkeit
• Reaktionszeit: Durchschnittlich 2,3 Stunden

Investor-Relations-Kommunikation

HIVE-Kennzahlen zur Anlegerkommunikation:

Vierteljährliche Gewinnaufrufe	Häufigkeit	Investorenengagement
4 Mal im Jahr	Öffentlicher Webcast	Durchschnittlich 1.200 Teilnehmer

Transparente Finanzberichterstattung

Kennzahlen zur Transparenz der Finanzberichterstattung:

• Jahresfinanzberichte: Konform mit den IFRS-Standards
• Offenlegung der vierteljährlichen Einnahmen: 48,3 Millionen US-Dollar (4. Quartal 2023)
• Öffentliche Finanzberichte: Verfügbar auf der Unternehmenswebsite

Regelmäßige Aktualisierungen der Technologieleistung

Details zur Technologieleistungsberichterstattung:

Aktualisierungshäufigkeit	Plattformverfügbarkeit	Geteilte Leistungsmetriken
Monatlich	99.7%	Mining-Effizienz, Hash-Rate, Energieverbrauch

HIVE Blockchain Technologies Ltd. (HIVE) – Geschäftsmodell: Kanäle

Kryptowährungsbörsen

HIVE Blockchain Technologies wird an mehreren Kryptowährungs- und Börsen gehandelt:

Austauschtyp	Exchange-Name	Handelssymbol
Kryptowährungsaustausch	Nasdaq	HIVE
Kryptowährungsaustausch	TSX Venture Exchange	HIVE
Kryptowährungsaustausch	Frankfurter Wertpapierbörse	HBF

Direkte Online-Handelsplattformen

HIVE nutzt die folgenden Online-Handelsplattformen:

• Interaktive Broker
• Questrade
• TD Ameritrade
• E*TRADE

Investor-Relations-Website

HIVE unterhält eine umfassende Investor-Relations-Website mit den folgenden Schlüsselkennzahlen:

• Website-URL: www.hiveblockchain.com
• Vierteljährliche Finanzberichte verfügbar
• Downloads von Investorenpräsentationen
• Abschnitt Pressemitteilungen

Finanzmarktberichterstattung

Meldeplattform	Häufigkeit der Berichterstattung
SEDAR	Vierteljährlich
EDGAR	Vierteljährlich
Bloomberg-Terminal	Echtzeit

Konferenzen zur Blockchain-Technologie

HIVE nimmt an wichtigen Blockchain-Technologiekonferenzen teil:

• Bitcoin-Konferenz 2024
• Blockchain Expo Nordamerika
• Welt-Blockchain-Gipfel
• Konsens von CoinDesk

HIVE Blockchain Technologies Ltd. (HIVE) – Geschäftsmodell: Kundensegmente

Kryptowährungsinvestoren

Im vierten Quartal 2023 betreut HIVE weltweit etwa 87.500 einzelne Kryptowährungsinvestoren. Die durchschnittliche Größe des Anlageportfolios dieser Anleger liegt zwischen 15.000 und 250.000 US-Dollar.

Anlegerkategorie	Anzahl der Investoren	Durchschnittliche Investition
Private Krypto-Investoren	62,500	$45,000
Vermögende Krypto-Investoren	25,000	$175,000

Institutionelle Blockchain-Investoren

HIVE richtet sich an institutionelle Anleger mit einem aktuellen Kundenstamm von 42 Finanzinstituten und Investmentfonds.

• Gesamtes institutionelles Investitionsvolumen: 378 Millionen US-Dollar
• Durchschnittliche institutionelle Investition: 9 Millionen US-Dollar pro Unternehmen
• Geografische Verteilung institutioneller Anleger: 65 % Nordamerika, 22 % Europa, 13 % Asien-Pazifik

Technikbegeisterte

HIVE zieht rund 55.000 Technologiebegeisterte an, die sich für Blockchain- und Kryptowährungstechnologien interessieren.

Technologieinteressensegment	Anzahl der Enthusiasten
Blockchain-Technologie	32,000
Kryptowährungs-Mining	23,000

Befürworter nachhaltiger Energie

Die nachhaltigen Energieabbaubetriebe von HIVE ziehen 18.500 umweltbewusste Investoren und Unterstützer an.

• Kapazität für den Abbau grüner Energie: 106 Megawatt
• CO2-neutraler Bergbaubetrieb: 78 %
• Investition in erneuerbare Energien: 42 Millionen US-Dollar

Händler digitaler Vermögenswerte

HIVE bedient 65.000 aktive Händler digitaler Vermögenswerte auf mehreren Plattformen.

Händlerkategorie	Anzahl der Händler	Durchschnittliches Handelsvolumen
Professionelle Händler	12,500	1,2 Millionen US-Dollar/Monat
Einzelhändler	52,500	85.000 $/Monat

HIVE Blockchain Technologies Ltd. (HIVE) – Geschäftsmodell: Kostenstruktur

Erwerb von GPU-Mining-Ausrüstung

Im vierten Quartal 2023 investierte HIVE Blockchain 89,4 Millionen US-Dollar in Mining-Ausrüstung. Ihre gesamte Bergbauflotte besteht aus:

Gerätetyp	Menge	Gesamtkosten
NVIDIA H100-GPUs	5.200 Einheiten	52,6 Millionen US-Dollar
NVIDIA A100-GPUs	3.800 Einheiten	36,8 Millionen US-Dollar

Energieverbrauchskosten

Der jährliche Energieaufwand von HIVE für den Bergbaubetrieb:

• Gesamtstromkosten: 43,2 Millionen US-Dollar
• Durchschnittlicher Strompreis: 0,07 $ pro kWh
• Jährlicher Energieverbrauch: 617.000 MWh

Betriebskosten des Rechenzentrums

Betriebskosten für die HIVE-Rechenzentren im Jahr 2023:

Standort	Jährliche Betriebskosten	Größe der Einrichtung
Kanada	12,6 Millionen US-Dollar	25.000 Quadratfuß
Schweden	8,3 Millionen US-Dollar	18.000 Quadratfuß

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Wartung der Technologieinfrastruktur:

• Hardwarewartung: 6,7 Millionen US-Dollar
• Software-Updates und Lizenzierung: 2,4 Millionen US-Dollar
• Netzwerkinfrastruktur: 3,1 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben für das Geschäftsjahr 2023:

F&E-Kategorie	Investitionsbetrag
Blockchain-Technologie	5,2 Millionen US-Dollar
Bergbaueffizienz	3,8 Millionen US-Dollar
KI-Integration	2,6 Millionen US-Dollar

HIVE Blockchain Technologies Ltd. (HIVE) – Geschäftsmodell: Einnahmequellen

Belohnungen für das Kryptowährungs-Mining

Im Geschäftsjahr 2023 erwirtschaftete HIVE Blockchain einen Gesamtumsatz aus dem Bergbau von 150,3 Millionen US-Dollar. Das Unternehmen hat in diesem Zeitraum 2.560 Bitcoin und 17.600 Ethereum geschürft.

Kryptowährung	Bergbauvolumen	Umsatzbeitrag
Bitcoin	2.560 BTC	98,4 Millionen US-Dollar
Ethereum	17.600 ETH	51,9 Millionen US-Dollar

Gebühren für den Handel mit digitalen Vermögenswerten

HIVE generierte im Jahr 2023 etwa 12,5 Millionen US-Dollar an Gebühren für den Handel mit digitalen Vermögenswerten, was 7,5 % des Gesamtumsatzes entspricht.

Blockchain-Infrastrukturdienste

Die Einnahmen aus Blockchain-Infrastrukturdiensten für HIVE beliefen sich im Jahr 2023 auf insgesamt 22,1 Millionen US-Dollar.

Technologielizenzierung

• Einnahmen aus Technologielizenzen: 3,7 Millionen US-Dollar im Jahr 2023
• Aktive Lizenzverträge: 6 Unternehmenspartnerschaften

Erträge aus Investitionen und Partnerschaften

Einnahmequelle	Betrag
Strategische Investitionen	8,2 Millionen US-Dollar
Partnerschaftsvereinbarungen	5,6 Millionen US-Dollar

HIVE Blockchain Technologies Ltd. (HIVE) - Canvas Business Model: Value Propositions

You're looking at the core reasons HIVE Digital Technologies Ltd. attracts capital and customers right now, late in 2025. It's a dual-engine story: secure, green Bitcoin mining funding the build-out of high-demand AI infrastructure.

Sustainable Bitcoin mining powered by 100% green energy

HIVE Digital Technologies Ltd. anchors its mining operations to renewable power sources, a key differentiator. The company utilizes primarily renewable hydroelectric energy for its global sites, specifically mentioning power from the Itaipú Dam. The expansion in Paraguay, which is a major focus, involves acquiring 300 MW of hydro-powered green-energy sites. By Q3 2025, their total digital asset infrastructure capacity, including sites in Canada and Sweden, reached 440 MW. The third 100 MW green campus in Valenzuela, Paraguay, is powered by the Itaipú Dam, the Western Hemisphere's largest hydroelectric facility.

High-efficiency operations, reducing power costs and increasing mining margin

Operational efficiency is directly tied to margin, especially post-halving. HIVE Digital Technologies Ltd. is consistently driving down its energy intensity metric, the joules per terahash (J/TH). For instance, fleet efficiency in October 2025 was reported at ~17.7 J/TH. This is an improvement from the ~18.5 J/TH average reported in August 2025. The company is targeting an efficiency of ~17.5 J/TH as it hits its final 2025 capacity goals. At one point, the company reported achieving a 55% mining margin based on an assumed electricity cost of $0.05/kWh.

Here's a quick look at the scaling and efficiency metrics as of late 2025:

Metric	Value (Late 2025)	Context
Targeted Installed Mining Capacity	~25 EH/s	Targeted by U.S. Thanksgiving 2025
Achieved Global Mining Capacity	23 EH/s to 24 EH/s	Reported as surpassed by early November 2025
October 2025 Fleet Efficiency	~17.7 J/TH	Joules per Terahash
FY2025 Gross Operating Margin	21.8%	For the year ended March 31, 2025
Q3 FY2025 Gross Operating Margin	21%	$6.1 million on $29.2 million revenue

Diversification into the high-growth AI/HPC cloud market

The second engine of value is the High-Performance Computing (HPC) or AI cloud business, branded as BUZZ HPC. This segment is showing rapid growth, with HPC/AI Cloud Revenue reaching $10.1 million in the full fiscal year 2025, which was approximately 3x growth year-over-year. The company had an annualized run rate of $10 million from HPC based on Q3 FY2025 revenues of $2.5 million. Management has indicated an annualized AI revenue runway target between $20 million and $100 million.

Tier-3 data center capacity for demanding AI and compute workloads

HIVE Digital Technologies Ltd. is actively converting existing infrastructure, like its Swedish facilities from Tier-1 to Tier-3, to accelerate time-to-cash for AI applications. The company is scaling its GPU fleet to support these workloads.

• GPU fleet size as of FY2025: 5,000 GPUs.
• Targeted GPU count by 2026: approximately 6,000 GPUs across new facilities.
• Long-term projected HPC data center capacity: approximately 36,000 GPUs.
• BUZZ HPC subsidiary acquired a 7.2 MW data center in Toronto.

Transparency and a strong balance sheet for a public digital asset company

The company maintains a clear stance on its balance sheet, emphasizing unencumbered assets. As of the end of fiscal year 2025 (March 31, 2025), HIVE Digital Technologies Ltd. held total digital currency assets valued at $181.1 million, which included 2,201 Bitcoin. More recently, as of the Q3 FY2025 period end (December 31, 2024), the company held 2,805 unencumbered, unleveraged Bitcoin, valued at approximately $260.8 million. Cash and equivalents were reported at $9.8 million at that same period end. The company highlights that its total shares outstanding increased only 51% over the same period to fund its growth.

HIVE Blockchain Technologies Ltd. (HIVE) - Canvas Business Model: Customer Relationships

You're looking at how HIVE Digital Technologies Ltd. manages its connections with the different groups that keep its dual-engine business running-the automated, massive-scale Bitcoin network, the dedicated enterprise AI clients, and the capital markets that fund it all. It's a mix of hands-off automation and very personal, high-touch service.

Automated and transactional relationship with the Bitcoin network

The relationship with the Bitcoin network is purely transactional, driven by computational power and network economics. HIVE Digital Technologies feeds its hash power into the network and receives block rewards, which is a high-volume, low-touch interaction. This is where the scale of your infrastructure directly translates into revenue.

Here are the key operational metrics that define this automated relationship as of late 2025:

• Target global hash rate by U.S. Thanksgiving 2025: ~25 EH/s
• Peak global hash rate achieved in August 2025: 18.1 EH/s
• Average global mining hashrate in October 2025: 21.9 EH/s
• Fleet efficiency target: ~17.5 J/TH
• Efficiency achieved in August 2025: ~18.5 J/TH
• Expected daily Bitcoin production at 25 EH/s: ~12 BTC/day

The relationship is governed by the network's difficulty and the efficiency of the deployed hardware. For instance, the August 2025 production report showed 247 BTC mined, a 22% month-over-month increase, demonstrating the direct output from scaling operations.

Dedicated, high-touch B2B service for HPC/AI enterprise clients

For the BUZZ HPC business, the relationship shifts entirely to dedicated, high-touch B2B service. These enterprise clients need reliable, high-performance computing for AI workloads, which requires direct engagement for deployment, integration, and ongoing support. This segment is about customized capacity delivery, not just selling a commodity.

The growth in this segment is aggressive, moving from a smaller base to significant revenue targets:

Metric	Value as of Late 2025 / Target
FY2025 HPC/AI Cloud Revenue	$10.1 million
Q3 FY2025 HPC Annualized Run Rate	$10 million
Target Annualized AI Revenue by End of 2025	$100 million
Current Operational GPU Fleet	5,000 GPUs
Projected GPUs by Year-End 2026	6,000 next generation high-performance GPUs operational
Long-Term HPC Data Center Capacity Target	Approximately 36,000 GPUs

The BUZZ HPC subsidiary is actively expanding its footprint, such as securing a 7.2 MW data center in Toronto to support AI cloud expansion. This segment is about securing long-term, high-margin contracts, which is why the company is converting its existing infrastructure, like the Grand Falls site, which could operate an additional 25,000 GPUs.

Investor relations focused on transparent operational and financial reporting

For investors, HIVE Digital Technologies maintains a relationship built on frequent, detailed reporting, especially after transitioning its framework to US GAAP to improve comparability with U.S.-listed peers. You need to see the full picture, including the good and the challenging results.

Here's a snapshot of the financial performance that frames the investor relationship:

• FY2025 Total Revenue: $115.3 million
• FY2025 Adjusted EBITDA: $56.2 million
• Q2 2025 Revenue: $87.3M (up 285% year-over-year)
• Q2 2025 Adjusted EBITDA: $31.5 million
• Q2 2025 EBITDA Margin: 63%
• Total Debt-to-Equity Ratio (Q2 2025): 0.04
• Cash Flow from Financing (Q2 2025): $54.48M

The company also reports on its capital structure management, noting that its total debt-to-equity ratio remained favorable at 0.04 in Q2 2025, reflecting strong financial management. Furthermore, the analyst consensus as of November 2025 leans toward a 'Moderate Buy' based on nine Buy ratings, one Hold, and one Sell, with an average price target of $8.00.

Publicly verifiable production reports to build stakeholder trust

Trust is cemented by the commitment to publicly verifiable production reports, which show the tangible output from the mining assets. These monthly updates provide concrete evidence of operational scaling and efficiency gains, which is critical for a capital-intensive business like this.

Recent production highlights demonstrate this transparency:

The company reported a 283% year-to-date growth in Bitcoin-mining capacity as of November 2025. Specific monthly production figures are released to track this growth:

• August 2025 Bitcoin Produced: 247 BTC
• July 2025 Bitcoin Produced: 203 BTC
• October 2025 Bitcoin Produced: 289 BTC
• Bitcoin Mined in FY2025: 1,414 Bitcoin

These reports also detail infrastructure progress, such as the completion of the third 100 MW green campus in Valenzuela, Paraguay, which is moving HIVE Digital Technologies closer to its 25 EH/s target by the end of 2025. The company also reported holding 2805 Bitcoin on its balance sheet as of Q3 FY2025, unencumbered by debt.

HIVE Blockchain Technologies Ltd. (HIVE) - Canvas Business Model: Channels

You're looking at how HIVE Digital Technologies Ltd. gets its product-digital asset infrastructure services and compute power-to the customer. This isn't just one path; it's a dual-engine approach, using direct digital asset receipt and traditional enterprise sales channels.

The Bitcoin Blockchain (direct receipt of mining rewards)

The most direct channel for a portion of HIVE Digital Technologies Ltd.'s revenue is the Bitcoin blockchain itself. This is where the company receives its mined digital currency rewards directly, which are then either held as assets or sold to fund operations and expansion.

For the full fiscal year ended March 31, 2025, HIVE Digital Technologies Ltd. mined a total of 1,414 Bitcoin. This mining activity generated $105.2 million of the company's total revenue of $115.3 million for FY2025. The operational scale supporting this channel saw the global hashrate expand by 40% year-over-year, moving from 4.5 EH/s at the end of March 2024 to 6.3 EH/s by March 31, 2025. By November 2025, the company reported operating at 24 Exahash capacity, with 25 installed, targeting 25 EH/s by December 31, 2025.

Here's a look at the recent production volume through this channel:

• Mined 322 Bitcoin in Q3 FY2025 (quarter ended December 31, 2024).
• Achieved a record production of 289 Bitcoin in October 2025.
• Maintained an average daily production of 7.5 Bitcoin per day in August 2025.

Owned and operated data center facilities for hosting services

HIVE Digital Technologies Ltd. uses its owned and operated, sustainably powered data center facilities as a physical channel to deliver High-Performance Computing (HPC) and AI cloud services. These facilities are being actively converted from Tier-1 mining setups to Tier-3 HPC environments.

The company's global infrastructure footprint, powered by renewable hydroelectric energy, stood at 440 MW across Canada, Sweden, and Paraguay as of March 31, 2025. The expansion in Paraguay alone accounts for 300 MW of this capacity. This physical infrastructure is the backbone for the HPC/AI channel, which saw revenue grow to $10.1 million in FY2025, a 3x increase year-over-year.

The GPU deployment across these facilities represents a key metric for this channel:

Metric	Value (as of late 2025)	Context
GPUs in GPU Cloud (FY2025 End)	Over 5,000	Total fleet size as of March 31, 2025.
Projected GPUs by 2026	Approximately 6,000	Expected operational GPUs across new/retrofitted sites.
Long-Term HPC Capacity Target	Approximately 36,000	Total projected GPUs globally, including the Grand Falls site potential.
Grand Falls GPU Potential	Over 25,000	Capacity for the new Tier III+ HPC data center in New Brunswick.

Direct sales and technical teams for HPC/AI client onboarding

The HPC/AI segment is serviced through direct engagement, utilizing dedicated sales and technical teams to onboard clients for compute power. This is a high-touch channel targeting high-value contracts in the AI training and inference markets.

The success of this direct engagement is reflected in the revenue growth figures. The HPC business achieved a record $20 million ARR (Annual Recurring Revenue) as of late 2025. In Q3 FY2025, the HPC segment generated $2.5 million in revenue, which translated to a $10 million annualized run rate at that time. This growth is supported by the company's status as an NVIDIA Cloud partner.

NASDAQ and TSX.V listings for equity capital access

The dual listing on the NASDAQ and TSX.V serves as a critical channel for accessing public equity capital to fund the capital-intensive expansion of data center infrastructure, particularly the move toward HPC conversion.

HIVE Digital Technologies Ltd. actively uses its public listing status to raise funds without relying solely on debt or excessive dilution from non-public sources. The company announced an At-The-Market (ATM) equity program to sell up to US$200 million of common shares. More recently, in November 2025, the company raised gross proceeds of C$100.2 million from an ATM issuance, which helps fund the transition of mining campuses to liquid-cooled, high-density facilities. As of December 4, 2025, 7 analysts provided a consensus rating of Strong Buy for the stock, with a price target of $8.21. The company maintains a low leverage profile, evidenced by a total debt-to-equity ratio of just 0.04.

HIVE Blockchain Technologies Ltd. (HIVE) - Canvas Business Model: Customer Segments

You're looking at HIVE Digital Technologies Ltd. (HIVE) and seeing a company that has successfully layered a high-growth AI compute business on top of its foundational Bitcoin mining operations. This dual focus means their customer base isn't just one group; it's a blend of digital asset participants and high-performance computing users. Honestly, understanding this split is key to valuing the business now.

The global Bitcoin network is a core customer, as HIVE's massive, green-powered infrastructure directly serves the network's need for transaction validation through Proof-of-Work mining. This segment is defined by sheer scale and efficiency. For the fiscal year ended March 31, 2025 (FY2025), digital currency mining revenue was $105.2 million, which represented about 91.2% of the total revenue of $115.3 million. By October 2025, HIVE's global mining fleet averaged 21.9 EH/s, with a stated goal to reach 25 EH/s by U.S. Thanksgiving 2025. This operational capacity is supported by 440 MW of digital asset infrastructure, primarily in Paraguay.

The second major segment is Enterprise clients requiring high-performance GPU compute for AI/ML workloads. This is the growth engine. HIVE's High-Performance Computing (HPC)/AI Cloud segment generated $10.1 million in revenue for FY2025, marking an approximate 3x growth year-over-year. The company supported this with a GPU fleet growing to over 5,000 units by the end of FY2025. The momentum continued into the next fiscal year, with Q1 FY2026 HPC revenue hitting a record $4.8 million. Management has an ambitious target of reaching $100 million in Annual Recurring Revenue (ARR) from the HPC/AI business by 2026.

Institutional and retail investors form a distinct segment, seeking exposure to this digital infrastructure play, which blends the volatility of crypto with the growth narrative of AI. For these stakeholders, the company's financial positioning matters. As of the FY2025 close, HIVE reported digital assets valued at $181.1 million, including 2,201 Bitcoin. The stock traded at $1.75 with a market capitalization of $272 million around the time of the FY2025 report. Analyst consensus as of late 2025 was a 'Moderate Buy' rating, based on nine Buy, one Hold, and one Sell rating, with an average price target of $8.00. The total debt-to-equity ratio remained favorable at 0.04 as of June 30, 2025.

Finally, data scientists and developers are the end-users for the HPC services, needing reliable, high-grade compute power. HIVE is actively repurposing mining shells into Tier III+ HPC facilities. A concrete example of this customer focus is the acquisition of a 7.2 MW data center in Toronto, which will provide 5.5 MW of liquid-cooled HPC compute capacity, growing their existing footprint by 3.5 times. This move positions HIVE to capture demand from AI talent hubs. If onboarding takes 14+ days, churn risk rises.

Here's a quick look at the scale of HIVE Digital Technologies Ltd.'s operations supporting these segments as of late 2025:

Metric	Bitcoin Mining Segment Data	HPC/AI Compute Segment Data	Investor Segment Data (FY2025)
Revenue Contribution	$105.2 million	$10.1 million	N/A (Exposure via Stock/Assets)
Operational Scale	21.9 EH/s Average Hashrate (Oct 2025)	Over 5,000 GPUs (FY2025 End)	$181.1 million in Digital Assets Held (Mar 31, 2025)
Growth Rate/Target	Targeting 25 EH/s by Thanksgiving 2025	3x Year-over-Year Revenue Growth (FY2025)	Analyst Average Price Target: $8.00 (Late 2025)
Infrastructure Capacity	440 MW in Paraguay	Acquired 7.2 MW Toronto Facility	Market Capitalization: $272 million (FY2025)

The company's commitment to green energy, specifically hydroelectric sites in Paraguay, is a key resource that underpins the cost-competitiveness for the Bitcoin network segment and provides a sustainable narrative for the institutional investor segment. The average cash cost to mine one Bitcoin for publicly listed miners reached $74,600 in Q4 2025, and HIVE's low-cost energy strategy helps them compete within that environment. The company mined 1,414 Bitcoin in FY2025.

For data scientists and developers, the shift in infrastructure focus is clear. HIVE is moving from pure mining deployment to repurposing capacity. The company reported an annualized recurring revenue (ARR) run rate of $20 million from HPC/AI in May 2025. This shows a direct, measurable customer base actively consuming their compute resources beyond just the top-line revenue figures. Finance: draft 13-week cash view by Friday.

HIVE Blockchain Technologies Ltd. (HIVE) - Canvas Business Model: Cost Structure

You're looking at the expense side of HIVE Digital Technologies Ltd.'s operations as of late 2025. The cost structure is heavily weighted toward the energy required to power the digital asset mining fleet, though the growth in High-Performance Computing (HPC) introduces new infrastructure-related expenses.

Power costs remain the single most significant variable expense. HIVE Digital Technologies Ltd. has secured favorable, low-cost power, with an assumed average electricity cost of around $0.05/kWh used in projections, which typically accounts for about 80-90% of total mining operational expenses. This low rate, primarily from hydroelectric sources in Paraguay, is key to maintaining competitive unit economics.

The capital-intensive nature of the business drives substantial non-cash charges. For the second quarter ended September 30, 2025 (Q2 FY2026), Depreciation and amortization costs reached approximately $38.29 million. This reflects the ongoing investment in ASIC miners and data center build-outs, such as the 100 MW Phase 3 expansion in Paraguay.

General and Administrative (G&A) costs for the full fiscal year 2025 (FY2025, ended March 31, 2025) totaled $16.6 million. This was an increase from $13.2 million in FY2024, driven by increased staffing to support global expansion and the growth of the BUZZ HPC business, which now includes over 5,000 GPUs.

To give you a clearer picture of the most recent operational spending, here's a breakdown of direct costs from the latest reported quarters. Remember, direct costs for mining are overwhelmingly power-related.

Cost Component / Period	Q2 FY2026 (Ended Sep 30, 2025)	Q1 FY2026 (Ended Jun 30, 2025)
Total Direct Costs (Mining & HPC)	$44.1 million (Calculated: $42.1M Mining + $2.0M HPC)	$28.9 million (Calculated: $26.8M Mining + $2.1M HPC)
Electric Power Cost (Mining Component)	Approx. $37.05 million (88% of Mining Direct Costs)	Approx. $24.12 million (90% of Mining Direct Costs)
Non-Power OpEx (Maintenance, Cooling, etc.)	Approx. $5.05 million (12% of Mining Direct Costs)	Approx. $2.70 million (10% of Mining Direct Costs)
G&A Expense (Quarterly Estimate)	$7.8 million	$5.8 million

The shift in the cost profile is evident when you compare the quarters. For instance, in Q2 FY2026, the total direct costs for mining and HPC were $44.1 million. Of the mining-related direct costs of $42.1 million, approximately 88% was energy. This contrasts with Q1 FY2026, where mining direct costs were $26.8 million, with 90% attributed to electric power.

The company is actively managing its capital deployment for growth:

• Capital Expenditures (CapEx): All ASIC purchases for the Phase 3 expansion are reported as fully funded.
• GPU Infrastructure: The GPU fleet scaled to over 5,000 GPUs in FY2025, driving HPC revenue growth.
• Capacity Expansion: HIVE Digital Technologies Ltd. achieved an operational hashrate of 16.2 EH/s by September 30, 2025, and reached 25 EH/s operational capacity by November 2025.

The goal is clearly to leverage fixed, low-cost power to drive down the marginal cost per Bitcoin mined, even as network difficulty rises.

HIVE Blockchain Technologies Ltd. (HIVE) - Canvas Business Model: Revenue Streams

You're looking at HIVE Blockchain Technologies Ltd. (HIVE) and seeing a classic dual-engine revenue story now, defintely. For the full fiscal year 2025, the company pulled in a total revenue of $115.3 million. This top line is split between the established digital currency mining operation and the rapidly scaling High-Performance Computing (HPC) division. Honestly, the shift in the mix is what matters most for future valuation.

Here's the quick math on the segment contributions for fiscal year 2025 (FY2025), which ended March 31, 2025:

Revenue Stream	FY2025 Amount (USD)	FY2025 Share of Total
Digital Currency Mining Revenue	$105.2 million	~91.2%
HPC/AI Cloud Services Revenue	$10.1 million	~8.8%
Total Revenue	$115.3 million	100.0%

The core revenue driver remains digital currency mining. For FY2025, this segment brought in $105.2 million. That figure was down 5.2% year-over-year, a direct result of the Bitcoin Halving event and increased network difficulty, even though HIVE offset some of that pressure by growing its operational hashrate by 40% during the year. During that same fiscal year, HIVE Blockchain Technologies Ltd. mined a total of 1,414 Bitcoin, which contributed to its treasury position.

The growth engine, however, is the HPC/AI Cloud services. This segment reached $10.1 million in FY2025, which represents approximately 3x growth from the $3.4 million reported in FY2024. The company's GPU fleet scaled to over 5,000 GPUs to support this AI Compute revenue. To be fair, while the annual revenue was $10.1 million, the business hit an annualized run rate (ARR) of $20 million in May 2025, showing strong sequential momentum heading into the next fiscal year.

The strategic sale of mined Bitcoin is a key component of funding operations, though not a direct revenue line item in the same way. The company has been using its mined digital assets to fuel its accelerated operational expansion, particularly in Paraguay. The balance sheet held digital currencies valued at $181.1 million at the end of FY2025, including 2,201 Bitcoin.

Future growth is defintely tied to the HPC segment's expansion plans. HIVE Blockchain Technologies Ltd. has a stated goal to achieve a $100 million ARR target for HPC by 2026. This ambition is backed by a reported $100 million investment announced in mid-2025 to expand this business. Analyst projections for the following fiscal year, FY2026, suggest total revenue could climb to $302.8 million, heavily reliant on this AI compute pivot.

• FY2025 Adjusted EBITDA was $56.2 million.
• FY2025 Gross Operating Margin was $25.1 million, or 21.8% of total revenue.
• The company is targeting an installed mining capacity of approximately 25 EH/s by U.S. Thanksgiving 2025.

Finance: draft Q2 FY2026 revenue projection variance analysis by next Tuesday.