HIVE Blockchain Technologies Ltd. (HIVE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de Blockchain y la criptomoneda, Hive Blockchain Technologies Ltd. surge como una fuerza pionera, combinando la minería de activos digitales de vanguardia con soluciones de energía sostenibles. Al aprovechar estratégicamente la infraestructura de GPU de alto rendimiento y los centros de datos verdes, Hive ha creado un modelo comercial único que no solo genera recompensas de criptomonedas sino que también defiende la innovación tecnológica ambientalmente responsable. Su enfoque integral transforma los paradigmas mineros tradicionales, posicionándolos en la intersección de finanzas digitales, energía renovable y tecnología blockchain, una narrativa convincente que promete remodelar cómo entendemos la producción de criptomonedas y el desarrollo de infraestructura.

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negocios: asociaciones clave

Colaboración estratégica con proveedores de infraestructura blockchain

A partir de 2024, Hive Blockchain Technologies mantiene asociaciones estratégicas con los siguientes proveedores de infraestructura de blockchain:

Proveedor	Detalles de colaboración	Soporte de infraestructura
Nvidia	Soporte de infraestructura de GPU	Sistemas de GPU H100 y A100
Calcular el norte	Alojamiento del centro de datos	Instalaciones de minería de energía renovable
Maratón Digital Holdings	Colaboración minera de blockchain	Experiencia en tecnología de minería compartida

Acuerdos de alojamiento con centros de datos de energía renovable

Las asociaciones del Centro de datos de energía renovable de Hive incluyen:

• Compute North Holdings: Capacidad de energía renovable de 140 MW
• Green Digital World: infraestructura sostenible de 85 MW
• Soluciones sostenibles de blockchain: Centros de datos de energía verde de 62 MW

Asociación con fabricantes de GPU para equipos mineros

Asociaciones actuales de fabricación de GPU:

Fabricante	Modelo GPU	Capacidad minera
Nvidia	H100	450 th/s potencia computacional
Amd	Radeon VII	250 th/s potencia computacional

Cooperación con operadores de criptomonedas mineras de la piscina

Asociaciones del operador de la piscina minera a partir de 2024:

• Foundry Digital: 38% de colaboración de tasa de hash
• Antpool: 22% de compromiso de la piscina minera
• F2POOL: soporte de infraestructura minera del 15%

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negocio: actividades clave

Minería de criptomonedas (Bitcoin y Ethereum)

Hive opera 10 centros de datos en Canadá, Suecia y Estados Unidos con una capacidad minera total de 2.3 Eh/s (Exahash por segundo) para Bitcoin y 25.6 GH/s (Gigahash por segundo) para Ethereum a partir del cuarto trimestre de 2023.

Ubicación	Capacidad minera de bitcoin	Capacidad minera de Ethereum
Canadá	1.5 eh/s	15.3 GH/s
Suecia	0.5 eh/s	6.2 GH/s
Estados Unidos	0.3 eh/s	4.1 GH/s

Desarrollo de infraestructura de blockchain

Hive invirtió $ 78.4 millones en infraestructura de tecnología blockchain en 2023, centrándose en:

• Adquisición de hardware de minería avanzada
• Sistemas informáticos de alto rendimiento
• Tecnologías de enfriamiento de eficiencia energética

Gestión y comercio de activos digitales

Hive tenía 3.487 Bitcoin y 1.245 Ethereum al 31 de diciembre de 2023, con una cartera de activos digitales totales valorados en aproximadamente $ 203 millones.

Operaciones mineras con energía sostenible

Hive utiliza fuentes de energía renovable del 92% en sus instalaciones mineras, con un consumo promedio de energía de 135 megavatios.

Fuente de energía	Porcentaje	Ubicación
Hidroeléctrico	62%	Canadá
Viento	20%	Suecia
Solar	10%	Estados Unidos

Mantenimiento de la infraestructura tecnológica

Gasto anual de mantenimiento de tecnología de $ 22.6 millones, que cubren actualizaciones de hardware, seguridad de red y optimización del sistema.

• Ciclo de reemplazo de hardware: 18-24 meses
• Inversiones anuales de ciberseguridad: $ 4.3 millones
• Tiempo de actividad de la red: 99.98%

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negocio: recursos clave

Equipo minero de GPU de alto rendimiento

A partir del cuarto trimestre de 2023, Hive opera 38,212 unidades mineras de GPU en múltiples instalaciones. Desglose de equipo específico:

Tipo de GPU	Cantidad	Tasa de hash total
Nvidia H100	12,456	1.86 eh/s
Nvidia A100	15,764	1.42 eh/s
Amd Radeon	10,002	0.98 eh/s

Instalaciones del centro de datos de energía verde

Hive mantiene centros de datos en ubicaciones estratégicas con infraestructura de energía renovable:

• Canadá: 3 instalaciones (100% de energía hidroeléctrica)
• Suecia: 2 instalaciones (energía eólica e hidroeléctrica)
• Islandia: 1 instalación (energía geotérmica)

Ubicación	Capacidad de potencia	Fuente de energía
Vancouver, Canadá	50 MW	Hidroeléctrico
Boden, Suecia	35 MW	Viento/hidro
Reykjanes, Islandia	25 MW	Geotérmico

Experiencia en tecnología blockchain

Composición de la fuerza laboral técnica:

• Total de empleados: 289
• Titulares de doctorado: 42
• Especialistas de blockchain: 87
• Ingenieros de software: 104

Infraestructura computacional robusta

Recursos computacionales a partir de 2024:

Componente de infraestructura	Especificación
Potencia informática total	3.26 Eh/S
Almacenamiento de datos	2.4 PB
Ancho de banda de red	400 Gbps

Fuerza laboral técnica calificada

Métricas de especialización de la fuerza laboral:

• Experiencia promedio de los empleados: 6.4 años
• Horas de capacitación anual por empleado: 72
• Tasa de promoción interna: 24%

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negocio: propuestas de valor

Minería de criptomonedas ambientalmente sostenible

Hive Blockchain Technologies opera con una estrategia de energía renovable 100% en sus instalaciones mineras:

Ubicación	Fuente de energía	Porcentaje renovable
Iceland	Geotérmico	100%
Suecia	Hidroeléctrico	100%
Canadá	Hidroeléctrico	100%

Servicios de infraestructura de blockchain confiables

Métricas de infraestructura blockchain de Hive a partir de 2024:

• Tasa total de hash minero: 3.5 eh/s
• Tiempo de actividad de la red: 99.98%
• Volumen de minería bitcoin anual: 3.200 BTC
• Volumen minero anual de Ethereum: 22,500 ETH

Generación de activos digitales transparentes

Estadísticas de generación de activos digitales de Hive:

Tipo de activo	Generación anual	Método de verificación
Bitcoin	3.200 BTC	Prueba de trabajo
Ethereum	22,500 ETH	Prueba de estaca

Producción de criptomonedas bajas en carbono

Métricas de huella de carbono para las operaciones mineras de Hive:

• Emisiones totales de carbono: 0.02 toneladas métricas CO2 por bitcoin extraído
• Comparación promedio global: 95% más bajo que la minería tradicional
• Compensación anual de carbono: 15,000 toneladas métricas

Soluciones innovadoras de tecnología blockchain

Infraestructura tecnológica de Hive:

Tecnología	Inversión	Actuación
Hardware de minería ASIC	$ 85 millones	3.5 potencia de procesamiento de EH/S
Enfriamiento del centro de datos	$ 12 millones	98% de eficiencia energética

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negocios: relaciones con los clientes

Plataformas directas de comercio de activos digitales

Hive facilita el comercio de activos digitales a través de las siguientes plataformas:

Plataforma	Volumen comercial (2023)	Base de usuarios
Stock de colmena nasdaq	$ 78.3 millones	Aproximadamente 12,500 inversores
Plataformas de minería de criptomonedas	$ 142.6 millones	Más de 8,000 clientes institucionales

Canales de atención al cliente en línea

Hive mantiene múltiples canales de atención al cliente:

• Desk de asistencia técnica 24/7
• Soporte por correo electrónico: support@hiveblockchain.com
• Disponibilidad de chat en vivo: 95% de tiempo de actividad
• Tiempo de respuesta: promedio de 2.3 horas

Comunicación de relaciones con los inversores

Métricas de comunicación de inversores de Hive:

Llamadas de ganancias trimestrales	Frecuencia	Compromiso de los inversores
4 veces al año	Transmisión web pública	Promedio de 1.200 participantes

Información financiera transparente

Métricas de transparencia de informes financieros:

• Informes financieros anuales: Cumple con los estándares de las NIIF
• Divulgación de ingresos trimestrales: $ 48.3 millones (cuarto trimestre de 2023)
• Estados financieros públicos: disponible en el sitio web corporativo

Actualizaciones de rendimiento de tecnología regular

Detalles de informes de rendimiento tecnológico:

Actualización de frecuencia	Tiempo de actividad de la plataforma	Métricas de rendimiento compartidas
Mensual	99.7%	Eficiencia minera, tasa de hash, consumo de energía

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negocios: canales

Intercambios de criptomonedas

Hive Blockchain Technologies cotiza en múltiples criptomonedas e intercambios de valores:

Tipo de intercambio	Nombre de intercambio	Símbolo de comercio
Intercambio de criptomonedas	Nasdaq	COLMENA
Intercambio de criptomonedas	TSX Venture Exchange	COLMENA
Intercambio de criptomonedas	Bolsa de Frankfurt	HBF

Plataformas de comercio en línea directos

Hive utiliza las siguientes plataformas de comercio en línea:

• Corredores interactivos
• Questrade
• TD Ameritrade
• E*comercio

Sitio web de relaciones con los inversores

Hive mantiene un sitio web integral de relaciones con los inversores con las siguientes métricas clave:

• URL del sitio web: www.hiveblockchain.com
• Informes financieros trimestrales disponibles
• Descargas de presentación de inversores
• Sección de comunicado de prensa

Informes del mercado financiero

Plataforma de informes	Frecuencia de informes
Sedar	Trimestral
Edgar	Trimestral
Terminal de Bloomberg	En tiempo real

Conferencias de tecnología blockchain

Hive participa en conferencias de tecnología de blockchain clave:

• Conferencia Bitcoin 2024
• Blockchain Expo North America
• Cumbre World Blockchain
• Consenso de Coindesk

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negocio: segmentos de clientes

Inversores de criptomonedas

A partir del cuarto trimestre de 2023, Hive atiende a aproximadamente 87,500 inversores de criptomonedas individuales a nivel mundial. El tamaño promedio de la cartera de inversiones para estos inversores oscila entre $ 15,000 y $ 250,000.

Categoría de inversionista	Número de inversores	Inversión promedio
Inversores de criptografía minorista	62,500	$45,000
Inversores criptográficos de alto nivel de red	25,000	$175,000

Inversores de blockchain institucionales

Hive se dirige a los inversores institucionales con una base de clientes actual de 42 instituciones financieras y fondos de inversión.

• Volumen total de inversión institucional: $ 378 millones
• Inversión institucional promedio: $ 9 millones por entidad
• Distribución geográfica de los inversores institucionales: 65% de América del Norte, 22% Europa, 13% Asia-Pacífico

Entusiastas de la tecnología

Hive atrae a aproximadamente 55,000 entusiastas de la tecnología interesados ​​en tecnologías blockchain y criptomonedas.

Segmento de interés tecnológico	Número de entusiastas
Tecnología blockchain	32,000
Minería de criptomonedas	23,000

Defensores de la energía sostenible

Las operaciones de minería de energía sostenible de Hive atraen a 18.500 inversores y partidarios conscientes del medio ambiente.

• Capacidad de minería de energía verde: 106 megavatios
• Operaciones mineras neutrales en carbono: 78%
• Inversión de energía renovable: $ 42 millones

Comerciantes de activos digitales

Hive atiende a 65,000 comerciantes activos de activos digitales en múltiples plataformas.

Categoría de comerciante	Número de comerciantes	Volumen comercial promedio
Comerciantes profesionales	12,500	$ 1.2 millones/mes
Comerciantes minoristas	52,500	$ 85,000/mes

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negocio: Estructura de costos

Adquisición de equipos mineros de GPU

A partir del cuarto trimestre de 2023, Hive Blockchain invirtió $ 89.4 millones en equipos mineros. Su flota minera total consiste en:

Tipo de equipo	Cantidad	Costo total
NVIDIA H100 GPU	5.200 unidades	$ 52.6 millones
NVIDIA A100 GPU	3.800 unidades	$ 36.8 millones

Gastos de consumo de energía

Gasto de energía anual de Hive para operaciones mineras:

• Costos totales de electricidad: $ 43.2 millones
• Tasa de electricidad promedio: $ 0.07 por kWh
• Consumo anual de energía: 617,000 MWh

Costos operativos del centro de datos

Gastos operativos para los centros de datos de Hive en 2023:

Ubicación	Costo operativo anual	Tamaño de la instalación
Canadá	$ 12.6 millones	25,000 pies cuadrados
Suecia	$ 8.3 millones	18,000 pies cuadrados

Mantenimiento de la infraestructura tecnológica

Costos de mantenimiento de infraestructura tecnológica anual:

• Mantenimiento de hardware: $ 6.7 millones
• Actualizaciones de software y licencias: $ 2.4 millones
• Infraestructura de red: $ 3.1 millones

Inversiones de investigación y desarrollo

Gasto de I + D para el año fiscal 2023:

Categoría de I + D	Monto de la inversión
Tecnología blockchain	$ 5.2 millones
Eficiencia minera	$ 3.8 millones
Integración de IA	$ 2.6 millones

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negocios: Fleos de ingresos

Recompensas de minería de criptomonedas

Para el año fiscal 2023, Hive Blockchain generó $ 150.3 millones en ingresos mineros totales. La compañía extraió 2.560 bitcoin y 17.600 ethereum durante este período.

Criptomoneda	Volumen minero	Contribución de ingresos
Bitcoin	2.560 BTC	$ 98.4 millones
Ethereum	17,600 ETH	$ 51.9 millones

Tarifas de comercio de activos digitales

Hive generó aproximadamente $ 12.5 millones en tarifas de negociación de activos digitales en 2023, lo que representa el 7.5% de los ingresos totales.

Servicios de infraestructura de blockchain

Los ingresos por servicios de infraestructura de blockchain para Hive en 2023 totalizaron $ 22.1 millones.

Licencias de tecnología

• Ingresos de licencia tecnológica: $ 3.7 millones en 2023
• Acuerdos de licencia activa: 6 asociaciones empresariales

Inversiones y ingresos por asociación

Fuente de ingresos	Cantidad
Inversiones estratégicas	$ 8.2 millones
Acuerdos de asociación	$ 5.6 millones

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.