HIVE Blockchain Technologies Ltd. (HIVE): Business Model Canvas [Dec-2025 Updated]

You're looking at HIVE Blockchain Technologies Ltd. not just as a Bitcoin miner, but as a serious digital infrastructure player making a calculated pivot. For fiscal year 2025, the company posted total revenue of $115.3 million; here's the quick math: mining brought in $105.2 million, but their new High-Performance Computing (HPC) cloud services already contributed $10.1 million. That's the pivot in action. This Business Model Canvas lays out the entire strategy-from securing low-cost green power to chasing that $100 million ARR target for HPC, which is defintely tied to their growth by 2026. You need to see the structure behind this move.

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

You're looking at the core relationships that fuel HIVE Digital Technologies Ltd.'s dual-engine growth strategy-the one blending green Bitcoin mining with high-performance computing (HPC) for AI. These aren't just vendor agreements; they are foundational to scaling both sides of the business, especially as HIVE targets massive compute capacity increases.

Dell Technologies for AI Cloud Expansion and Infrastructure

The partnership with Dell Technologies is central to HIVE Digital Technologies Ltd.'s BUZZ High Performance Computing (HPC) division. This collaboration is about deploying serious GPU power for the sovereign AI Cloud. As of late 2025, HIVE announced the deployment of a 63-node cluster featuring liquid-cooled Dell PowerEdge XE9680L servers, which are powered by 504 next-generation GPUs at the Bell AI Fabric data center. This initial wave is just the start; HIVE plans to add over 6,000 more GPUs by the end of 2026 across new proprietary data center designs in Canada and Sweden. This aggressive scaling is projected to generate an additional $120 million in annual recurring revenue (ARR), building upon the current $20 million ARR for the BUZZ AI Cloud business. To put that growth in context, HIVE Digital's Q2 revenue hit $87.3 million, marking a 285% year-over-year surge, with the HPC segment alone reporting $5.2 million in revenue, up 175% year-over-year. The goal is to have a total fleet of 11,000 GPUs by 2026. That's a lot of compute power coming online.

Bell Canada for Enhanced AI Infrastructure and Customer Reach

The collaboration with Bell Canada directly supports the deployment at the Bell AI Fabric data center, strengthening HIVE Digital Technologies Ltd.'s position in the Canadian AI ecosystem. This isn't just about hardware; it's about customer reach and establishing a sovereign AI Cloud. Analysts are definitely factoring this into their optimism, with price targets reflecting confidence in this AI venture. The partnership is key to HIVE Digital Technologies Ltd.'s ambition to reach an annual recurring revenue goal of $100 million from its AI cloud computing sphere by 2026. It shows a clear pivot beyond just mining revenue.

Hydroelectric Power Providers in Paraguay, Canada, and Sweden

Energy sourcing is a non-negotiable partnership for HIVE Digital Technologies Ltd., given its commitment to 100% green power. The company operates across three nations, leveraging stable, low-cost hydroelectric energy. HIVE Digital Technologies Ltd.'s total renewable infrastructure footprint is set to reach 540 MW once all current projects are complete. This breaks down to 400 MW in Paraguay and 140 MW spread across Canada and Sweden. The Paraguay expansion, primarily using hydro from the Itaipú Dam, is massive: Phases 1 and 2 brought 300 MW online at the Yguazú site. They've signed a definitive agreement for a further 100 MW Phase 3 expansion there, targeting commissioning in Q3 2026. This strategy locks in low operational costs, which is critical when you're running high-density compute. HIVE Digital Technologies Ltd. was the first publicly listed company to mine digital assets powered exclusively by green energy, so these power agreements are arguably the most vital partnerships they hold.

Bitmain for High-Efficiency ASIC Miner Procurement (S21+ Hydro)

Securing the latest, most efficient mining hardware from Bitmain is essential for maintaining a competitive edge in Bitcoin mining. HIVE Digital Technologies Ltd. made a transformative acquisition of 8.6 EH/s worth of Bitmain S21+ Hydro Chips, which was projected to push their self-mining capacity to 15 EH/s by Summer 2025. These state-of-the-art miners boast an industry-leading efficiency of 15 J/TH. The initial order alone covered 13,480 units for 4.3 EH/s at a competitive price of $14/TH. HIVE Digital Technologies Ltd. has been aggressive, pledging over $200 million worth of Bitcoin to secure expansion up to 25 EH/s. By September 2025, the global fleet had already hit 18.5 EH/s, with a target to reach 25 EH/s by U.S. Thanksgiving 2025, and a 2026 goal of 35 EH/s. That's how you scale hash rate while improving fleet efficiency, which stood at ~18.5 J/TH in August 2025.

Strategic Investors via At-The-Market (ATM) Equity Programs

To fund this massive, simultaneous build-out of both AI and Bitcoin infrastructure, HIVE Digital Technologies Ltd. relies on flexible capital markets access. In November 2025, the company launched a new At-The-Market (ATM) equity program to offer and sell up to $300 million of common stock at prevailing market prices. This gives them agility without the immediate dilution of a large private placement. This follows previous successful programs; for example, the October 2024/May 2025 program raised gross proceeds of C$96.7 million ($70.0 million), and an earlier one in October 2023 raised $180.7 million. The company's market cap as of late November 2025 was approximately C$1.08B. These programs are the financial lubricant for the physical assets. Here's a quick look at the key partnership metrics:

The firm is executing a strategy where capital raised via ATM programs funds the procurement of Bitmain ASICs, which are then deployed in HIVE Digital Technologies Ltd.'s self-owned, low-cost hydroelectric facilities in Paraguay, Canada, and Sweden, while simultaneously building out the GPU-heavy AI cloud in partnership with Dell and Bell Canada. It's a defintely complex, but highly integrated operational model.

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

Operating and scaling Bitcoin mining capacity to 25 EH/s by late 2025

HIVE Blockchain Technologies Ltd. achieved a global mining capacity of 23 EH/s as of early November 2025. The company confirmed an installed global Bitcoin mining capacity of 25 EH/s following the October 2025 milestones. This represents a year-to-date growth of 267% in capacity, surpassing 22 EH/s by late October 2025. The operational hashrate in October 2025 averaged 21.9 EH/s, with a peak of 23.6 EH/s. The scaling effort saw the average hashrate increase from 19.4 EH/s in September 2025 to 21.9 EH/s in October 2025. The company started 2025 with 6 EH/s of capacity.

The operational metrics for October 2025 are summarized below:

Managing and optimizing a global fleet for ~17.7 J/TH efficiency

HIVE Blockchain Technologies Ltd. is actively managing its fleet efficiency, which stood at 17.7 J/TH (Joules per Terahash) in October 2025. This represents an improvement from the 18 J/TH reported in September 2025. The company is targeting an average efficiency of 17.5 J/TH once the full 25 EH/s capacity is operational. The efficiency improvement is driven by the deployment of next-generation ASIC miners, such as the Bitmain S21+ Hydro.

Infrastructure build-out, notably the 300 MW expansion in Paraguay

The infrastructure build-out in Paraguay is a key activity, with the entire 300 MW of capacity now fully commissioned. This involved the completion of Phase 3 (Valenzuela), a 100 MW expansion, which was brought online ahead of schedule. The Yguazú site alone represents 200 MW of mining infrastructure. This expansion, powered by hydroelectric energy from the Itaipú Dam, is central to HIVE Blockchain Technologies Ltd.'s strategy. The total global operational capacity across Paraguay, Canada, and Sweden reached 430 MW by Q3 2025.

Developing and deploying High-Performance Computing (HPC)/AI cloud services

HIVE Blockchain Technologies Ltd. is scaling its dual-engine model by developing its HPC/AI cloud services, primarily through its BUZZ HPC subsidiary.

• HPC/AI Cloud revenue reached $10.1 million for the fiscal year ended March 31, 2025.
• This HPC/AI-cloud revenue marked a threefold increase, or 3× growth, year-over-year in FY2025.
• The company is expanding its GPU fleet, aiming for approximately 6,000 NVIDIA GPUs by 2026.
• BUZZ HPC plans to scale capacity to support over 30,000 high-performance GPUs long-term.
• HIVE plans to increase its overall HPC capacity fivefold in 2026.
• The company is converting existing Tier-1 data centers in Sweden to Tier-3 HPC facilities for faster time-to-cash.

Strategic management of the Bitcoin HODL position and capital allocation

Strategic management of the Bitcoin treasury is a core activity, reflecting a disciplined HODL approach.

• HIVE Blockchain Technologies Ltd. held approximately 2,201 BTC as of October 2025, valued at about $250 million.
• In February 2025, the HODL portfolio stood at 2,620 BTC, valued at $220 million based on a BTC price of approximately $84,000.
• The company strategically sold a portion of its BTC holdings to fund capital asset investments, such as the acquisition of the 300 MW Paraguay site.
• The annualized Bitcoin mining revenue run-rate more than tripled to $315 million following the Bitcoin halving.
• Current run-rate revenue is reported at "a million dollars day".

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

You're looking at the core assets that power HIVE Digital Technologies Ltd.'s dual-engine strategy-Bitcoin mining and High-Performance Computing (HPC). These aren't just abstract plans; they are massive physical and digital assets driving the business.

The physical footprint is substantial and geographically diverse. HIVE Digital Technologies operates across three nations, with a global operational footprint set to reach 430 MW across Paraguay, Canada, and Sweden by Q3 2025. Once the final phase in Paraguay is complete, the total renewable infrastructure footprint is targeted at 540 MW, broken down into 400 MW in Paraguay and 140 MW across Canada and Sweden. Specifically, the acquisition in Paraguay included a 200 MW capacity substation, and the Toronto data center adds 7.2 MW to the Canadian segment.

The competitive edge here is definitely the energy access. HIVE Digital Technologies commits to 100% green hydroelectric energy for its operations. This access is locked in through low-cost arrangements, such as securing electricity costs below two cents per kilowatt-hour in Sweden. The massive expansion in Paraguay leverages low-cost hydro energy, including power from the Itaipu Dam.

For the ASIC mining fleet, the scale-up has been aggressive. HIVE Digital Technologies surpassed 22 EH/s in global Bitcoin-mining capacity as of late October 2025. The immediate target is reaching 25 EH/s by U.S. Thanksgiving 2025, with an eye toward 35 EH/s capacity planned for 2026. The fleet efficiency is improving alongside this growth, moving toward a target of 16.5 J/TH, with October 2025 efficiency reported around ~17.7 J/TH.

The HPC infrastructure, the second engine, is built on high-end GPUs. HIVE Digital Technologies is aiming for a total of approximately 6,000 NVIDIA GPUs across its global pipeline by 2026. This includes a specific conversion project in Boden, Sweden, to host 2,000 NVIDIA GPUs in a liquid-cooled Tier-3 facility. For context, the GPU fleet had already scaled to 5,000 GPUs under its HPC/AI cloud business in fiscal year 2025, with management targeting a 5x processing growth in HPC for 2026.

Finally, the balance sheet holds significant digital assets, which are a direct result of the mining operations powered by green energy. As of the third quarter of fiscal year 2025 (ended December 31, 2024), HIVE Digital Technologies held 2,805 unencumbered, unleveraged Bitcoin.

Here's a quick look at the scale of these core assets:

• Global Operational Capacity Target (2025): 25 EH/s
• Total Renewable Infrastructure Footprint (Projected): 540 MW
• GPU Fleet Target (2026): ~6,000 units
• Unencumbered BTC Holdings (Q3 FY2025): 2,805
• Energy Source Commitment: 100% Hydroelectric

The interplay between these physical assets and the digital holdings is key. For instance, the acquisition of the Yguazú facility for $56 million was paid for partly in cash and partly in installments over six months, demonstrating capital deployment against the asset base.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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.

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:

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.