Hive Blockchain Technologies Ltd. (Hive): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la blockchain et de la crypto-monnaie, Hive Blockchain Technologies Ltd. émerge comme une force pionnière, mélangeant l'exploitation d'actifs numériques de pointe avec des solutions énergétiques durables. En tirant stratégiquement l'infrastructure GPU haute performance et les centres de données verts, Hive a conçu un modèle commercial unique qui génère non seulement des récompenses de crypto-monnaie mais champions sur l'innovation technologique responsable de l'environnement. Leur approche globale transforme les paradigmes d'exploitation traditionnels, les positionnant à l'intersection des finances numériques, des énergies renouvelables et de la technologie de la blockchain - un récit convaincant qui promet de remodeler la façon dont nous comprenons la production de crypto-monnaies et le développement des infrastructures.

Hive Blockchain Technologies Ltd. (Hive) - Modèle d'entreprise: Partenariats clés

Collaboration stratégique avec les fournisseurs d'infrastructures blockchain

En 2024, les technologies de la blockchain Hive maintient des partenariats stratégiques avec les fournisseurs d'infrastructures de blockchain suivants:

Fournisseur	Détails de collaboration	Soutien aux infrastructures
Nvidia	Support d'infrastructure GPU	Systèmes GPU H100 et A100
Calculer le nord	Hébergement du centre de données	Installations d'explorationment des énergies renouvelables
Marathon Digital Holdings	Collaboration minière de la blockchain	Expertise en technologie minière partagée

Accords d'hébergement avec centres de données d'énergie renouvelable

Les partenariats du centre de données sur les énergies renouvelables de Hive comprennent:

• Calculez North Holdings: 140 MW Capacité d'énergie renouvelable
• Monde numérique vert: infrastructure durable de 85 MW
• Blockchain Sustainable Solutions: 62 MW Green Energy Data Centres

Partenariat avec les fabricants de GPU pour l'équipement minier

Partenariats actuels de fabrication du GPU:

Fabricant	Modèle GPU	Capacité minière
Nvidia	H100	450 TH / S Power Computational
DMLA	Radeon VII	250 TH / s Power Computational

Coopération avec les opérateurs de piscine d'extraction de crypto-monnaie

Mining Pool Operator Partnerships à partir de 2024:

• Foundry Digital: Collaboration de taux de hachage de 38%
• Antpool: 22% d'engagement de la piscine minière
• F2POOL: 15% de support d'infrastructure minière

Hive Blockchain Technologies Ltd. (Hive) - Modèle d'entreprise: Activités clés

Extraction de crypto-monnaie (Bitcoin et Ethereum)

Hive exploite 10 centres de données à travers le Canada, la Suède et les États-Unis avec une capacité minière totale de 2,3 EH / s (exahash par seconde) pour le bitcoin et 25,6 gh / s (gigahash par seconde) pour Ethereum au troisième trimestre 2023.

Emplacement	Capacité d'exploration de bitcoin	Capacité minière Ethereum
Canada	1,5 eh / s	15,3 GH / s
Suède	0,5 eh / s	6,2 gh / s
États-Unis	0,3 eh / s	4.1 GH / S

Développement d'infrastructures de blockchain

Hive a investi 78,4 millions de dollars dans l'infrastructure technologique blockchain en 2023, en se concentrant sur:

• Achat de matériel minier avancé
• Systèmes informatiques hautes performances
• Technologies de refroidissement économes en énergie

Gestion et trading des actifs numériques

Hive détenait 3 487 Bitcoin et 1 245 Ethereum au 31 décembre 2023, avec un portefeuille d'actifs numériques total d'une valeur d'environ 203 millions de dollars.

Opérations minières à énergie durable

Hive utilise 92% de sources d'énergie renouvelables dans ses installations minières, avec une consommation d'énergie moyenne de 135 mégawatts.

Source d'énergie	Pourcentage	Emplacement
Hydro-électrique	62%	Canada
Vent	20%	Suède
Solaire	10%	États-Unis

Maintenance des infrastructures technologiques

Dépenses de maintenance de la technologie annuelle de 22,6 millions de dollars, couvrant les mises à niveau matérielle, la sécurité du réseau et l'optimisation du système.

• Cycle de remplacement du matériel: 18-24 mois
• Investissements annuels de cybersécurité: 4,3 millions de dollars
• Time de disponibilité du réseau: 99,98%

Hive Blockchain Technologies Ltd. (Hive) - Modèle d'entreprise: Ressources clés

Équipement d'exploitation GPU haute performance

Depuis le quatrième trimestre 2023, Hive exploite 38 212 unités minières GPU sur plusieurs installations. Répartition spécifique de l'équipement:

Type GPU	Quantité	Taux de hachage 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

Installations du centre de données sur l'énergie verte

Hive maintient des centres de données dans des emplacements stratégiques avec une infrastructure d'énergie renouvelable:

• Canada: 3 installations (100% d'énergie hydroélectrique)
• Suède: 2 installations (éolien et énergie hydroélectrique)
• Islande: 1 installation (énergie géothermique)

Emplacement	Capacité électrique	Source d'énergie
Vancouver, Canada	50 MW	Hydro-électrique
Boden, Suède	35 MW	Vent / hydro
Reykjanes, Islande	25 MW	Géothermique

Expertise en technologie de la blockchain

Composition technique de la main-d'œuvre:

• Total des employés: 289
• Bollants de doctorat: 42
• Spécialistes de la blockchain: 87
• Ingénieurs logiciels: 104

Infrastructure informatique robuste

Ressources informatiques à partir de 2024:

Composant d'infrastructure	Spécification
Puissance totale de calcul	3.26 eh / s
Stockage de données	2,4 PB
Bande passante du réseau	400 Gbps

Main-d'œuvre technique qualifiée

Métriques de spécialisation de la main-d'œuvre:

• Expérience moyenne des employés: 6,4 ans
• Heures de formation annuelles par employé: 72
• Taux de promotion interne: 24%

Hive Blockchain Technologies Ltd. (Hive) - Modèle d'entreprise: propositions de valeur

Extraction de crypto-monnaie environnementale

Hive Blockchain Technologies opère avec une stratégie à 100% d'énergie renouvelable dans ses installations minières:

Emplacement	Source d'énergie	Pourcentage renouvelable
Iceland	Géothermique	100%
Suède	Hydro-électrique	100%
Canada	Hydro-électrique	100%

Services d'infrastructure de blockchain fiables

Mesures d'infrastructure de la blockchain de Hive à partir de 2024:

• Tarif de hachage minière total: 3,5 eh / s
• Time de disponibilité du réseau: 99,98%
• Volume annuel d'exploration de bitcoin: 3200 BTC
• Volume annuel de l'exploitation d'Ethereum: 22 500 ETH

Génération d'actifs numériques transparente

Statistiques de génération d'actifs numériques de Hive:

Type d'actif	Génération annuelle	Méthode de vérification
Bitcoin	3 200 BTC	Preuve de travail
Ethereum	22 500 eth	Preuve de pieu

Production de crypto-monnaie à faible teneur

Mesures d'empreinte carbone pour les opérations minières de Hive:

• Émissions totales de carbone: 0,02 tonnes métriques CO2 par bitcoin exploité
• Comparaison moyenne mondiale: 95% inférieure à la mine traditionnelle
• Compense annuel du carbone: 15 000 tonnes métriques

Solutions technologiques de blockchain innovantes

Infrastructure technologique de Hive:

Technologie	Investissement	Performance
Matériel minier ASIC	85 millions de dollars	3,5 EH / S Power de traitement
Refroidissement du centre de données	12 millions de dollars	98% d'efficacité énergétique

Hive Blockchain Technologies Ltd. (Hive) - Modèle d'entreprise: relations avec les clients

Plates-formes de trading d'actifs numériques directes

Hive facilite le trading d'actifs numériques via les plateformes suivantes:

Plate-forme	Volume de trading (2023)	Base d'utilisateurs
Nasdaq Hive Stock	78,3 millions de dollars	Environ 12 500 investisseurs
Plates-formes d'exploitation de crypto-monnaie	142,6 millions de dollars	Plus de 8 000 clients institutionnels

Canaux de support client en ligne

Hive maintient plusieurs canaux de support client:

• Helpdesk de support technique 24/7
• Assistance par e-mail: support@hiveblockchain.com
• Disponibilité du chat en direct: 95% de disponibilité
• Temps de réponse: moyenne 2,3 heures

Communication des relations avec les investisseurs

Mesures de communication des investisseurs de Hive:

Appels de résultats trimestriels	Fréquence	Engagement des investisseurs
4 fois par an	Webcônement public	En moyenne 1 200 participants

Information financière transparente

Métriques de transparence des rapports financiers:

• Rapports financiers annuels: conforme aux normes IFRS
• Divulgation trimestrielle des revenus: 48,3 millions de dollars (Q4 2023)
• États financiers publics: Disponible sur le site Web de l'entreprise

Mises à jour régulières des performances de la technologie

Détails de rapport des performances technologiques:

Mettre à jour la fréquence	Time de disponibilité de la plate-forme	Les mesures de performance partagées
Mensuel	99.7%	Efficacité minière, taux de hachage, consommation d'énergie

Hive Blockchain Technologies Ltd. (Hive) - Modèle d'entreprise: canaux

Échanges de crypto-monnaie

Hive Blockchain Technologies se négocie sur plusieurs crypto-monnaies et bourses:

Type d'échange	Nom d'échange	Symbole de trading
Échange de crypto-monnaie	Nasdaq	RUCHE
Échange de crypto-monnaie	Échange de capital-risque TSX	RUCHE
Échange de crypto-monnaie	Bourse de Francfort	HBF

Plates-formes de trading en ligne directes

Hive utilise les plateformes de trading en ligne suivantes:

• Courtiers interactifs
• Quête
• Améritrade TD
• E * Commerce

Site Web de relations avec les investisseurs

Hive maintient un site Web complet des relations avec les investisseurs avec les mesures clés suivantes:

• URL du site Web: www.hiveblockchain.com
• Rapports financiers trimestriels disponibles
• Téléchargements de présentation des investisseurs
• Section du communiqué de presse

Reportage des marchés financiers

Plate-forme de rapport	Fréquence de rapport
Sédar	Trimestriel
Edgar	Trimestriel
Bloomberg Terminal	En temps réel

Conférences technologiques de la blockchain

Hive participe aux principales conférences de technologie de la blockchain:

• Conférence Bitcoin 2024
• Blockchain Expo Amérique du Nord
• Sommet mondial de la blockchain
• Consensus par Coindesk

Hive Blockchain Technologies Ltd. (Hive) - Modèle d'entreprise: segments de clientèle

Investisseurs de crypto-monnaie

Depuis le quatrième trimestre 2023, Hive dessert environ 87 500 investisseurs individuels de crypto-monnaie dans le monde. La taille moyenne du portefeuille d'investissement pour ces investisseurs varie entre 15 000 $ et 250 000 $.

Catégorie d'investisseurs	Nombre d'investisseurs	Investissement moyen
Investisseurs de crypto de vente au détail	62,500	$45,000
Investisseurs crypto-noués élevés	25,000	$175,000

Investisseurs de blockchain institutionnels

Hive cible les investisseurs institutionnels avec une clientèle actuelle de 42 institutions financières et fonds d'investissement.

• Volume total d'investissement institutionnel: 378 millions de dollars
• Investissement institutionnel moyen: 9 millions de dollars par entité
• Investisseur institutionnel Distribution géographique: 65% d'Amérique du Nord, 22% d'Europe, 13% d'Asie-Pacifique

Antariens technologiques

Hive attire environ 55 000 amateurs de technologie intéressés par les technologies de blockchain et de crypto-monnaie.

Segment des intérêts technologiques	Nombre de passionnés
Technologie de la blockchain	32,000
Exploitation de crypto-monnaie	23,000

Défenseurs de l'énergie durable

Les opérations d'extraction d'énergie durable de Hive attirent 18 500 investisseurs et supporters soucieux de l'environnement.

• Capacité d'extraction d'énergie verte: 106 mégawatts
• Opérations minières neutres en carbone: 78%
• Investissement en énergies renouvelables: 42 millions de dollars

Traders d'actifs numériques

Hive dessert 65 000 commerçants d'actifs numériques actifs sur plusieurs plateformes.

Catégorie de trafic	Nombre de commerçants	Volume de trading moyen
Commerçants professionnels	12,500	1,2 million de dollars / mois
Commerçants de détail	52,500	85 000 $ / mois

Hive Blockchain Technologies Ltd. (Hive) - Modèle d'entreprise: Structure des coûts

Acquisition de l'équipement minier GPU

Au quatrième trimestre 2023, Hive Blockchain a investi 89,4 millions de dollars dans des équipements minières. Leur flotte minière totale se compose de:

Type d'équipement	Quantité	Coût total
GPU NVIDIA H100	5 200 unités	52,6 millions de dollars
GPU NVIDIA A100	3 800 unités	36,8 millions de dollars

Dépenses de consommation d'énergie

La dépense énergétique annuelle de Hive pour les opérations minières:

• Coût total d'électricité: 43,2 millions de dollars
• Taux d'électricité moyen: 0,07 $ par kWh
• Consommation d'énergie annuelle: 617 000 MWh

Coûts opérationnels du centre de données

Dépenses opérationnelles pour les centres de données de Hive en 2023:

Emplacement	Coût opérationnel annuel	Taille de l'installation
Canada	12,6 millions de dollars	25 000 pieds carrés
Suède	8,3 millions de dollars	18 000 pieds carrés

Maintenance des infrastructures technologiques

Coûts de maintenance annuelle des infrastructures technologiques:

• Maintenance matérielle: 6,7 millions de dollars
• Mises à jour logicielles et licences: 2,4 millions de dollars
• Infrastructure réseau: 3,1 millions de dollars

Investissements de recherche et développement

Dépenses de R&D pour l'exercice 2023:

Catégorie de R&D	Montant d'investissement
Technologie de la blockchain	5,2 millions de dollars
Efficacité minière	3,8 millions de dollars
Intégration d'IA	2,6 millions de dollars

Hive Blockchain Technologies Ltd. (Hive) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de crypto-monnaie

Pour l'exercice 2023, la blockchain Hive a généré 150,3 millions de dollars en revenus minières. La société a extrait 2 560 Bitcoin et 17 600 Ethereum au cours de cette période.

Crypto-monnaie	Volume d'exploitation	Contribution des revenus
Bitcoin	2 560 BTC	98,4 millions de dollars
Ethereum	17 600 ETH	51,9 millions de dollars

Frais de trading d'actifs numériques

Hive a généré environ 12,5 millions de dollars de frais de négociation d'actifs numériques en 2023, ce qui représente 7,5% des revenus totaux.

Services d'infrastructure blockchain

Les revenus des services d'infrastructure de blockchain pour Hive en 2023 ont totalisé 22,1 millions de dollars.

Licence de technologie

• Revenus de licence technologique: 3,7 millions de dollars en 2023
• Accords de licence actifs: 6 partenariats d'entreprise

Investissement et revenus de partenariat

Source de revenus	Montant
Investissements stratégiques	8,2 millions de dollars
Accords de partenariat	5,6 millions de dollars

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.