Hive Blockchain Technologies Ltd. (Hive): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de blockchain e criptomoeda, a Hive Blockchain Technologies Ltd. surge como uma força pioneira, misturando mineração de ativos digitais de ponta com soluções de energia sustentável. Ao alavancar estrategicamente infraestrutura de GPU de alto desempenho e data centers verdes, a Hive criou um modelo de negócios exclusivo que não apenas gera recompensas de criptomoeda, mas também defende a inovação tecnológica ambientalmente responsável. Sua abordagem abrangente transforma os paradigmas tradicionais de mineração, posicionando -os na interseção de finanças digitais, energia renovável e tecnologia blockchain - uma narrativa convincente que promete remodelar como entendemos a produção de criptomoedas e o desenvolvimento de infraestrutura.

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com fornecedores de infraestrutura de blockchain

A partir de 2024, a Hive Blockchain Technologies mantém parcerias estratégicas com os seguintes provedores de infraestrutura de blockchain:

Provedor	Detalhes da colaboração	Suporte de infraestrutura
Nvidia	Suporte à infraestrutura da GPU	Sistemas de GPU H100 e A100
Calcule o norte	Hospedagem de data center	Instalações de mineração de energia renovável
Maratona Digital Holdings	Colaboração de mineração de blockchain	Especialização em tecnologia de mineração compartilhada

Hospedando acordos com data centers de energia renovável

As parcerias de data center renovável da Hive incluem:

• Compute North Holdings: Capacidade de energia renovável de 140 MW
• Green Digital World: Infraestrutura sustentável de 85 MW
• Blockchain Sustainable Solutions: 62 MW Green Energy Data Centers

Parceria com os fabricantes de GPU para equipamentos de mineração

Parcerias atuais de fabricação de GPU:

Fabricante	Modelo de GPU	Capacidade de mineração
Nvidia	H100	450 TH/s Power Computacional
AMD	Radeon VII	250 TH/s Power Computacional

Cooperação com operadores de piscinas de mineração de criptomoedas

Parcerias de operadoras de mineração do pool de mineração a partir de 2024:

• Fundir Digital: 38% de colaboração da taxa de hash
• Antpool: 22% de engajamento de mineração na piscina
• F2POOL: suporte de infraestrutura de mineração de 15%

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negócios: Atividades -chave

Mineração de criptomoedas (Bitcoin e Ethereum)

O Hive opera 10 data centers em todo o Canadá, Suécia e Estados Unidos, com uma capacidade total de mineração de 2,3 EH/S (Exahash por segundo) para Bitcoin e 25,6 GH/S (Gigahash por segundo) para o Ethereum no quarto trimestre de 2023.

Localização	Capacidade de mineração de Bitcoin	Capacidade de mineração Ethereum
Canadá	1.5 EH/S.	15.3 GH/S.
Suécia	0,5 eh/s	6.2 GH/S.
Estados Unidos	0,3 EH/S.	4.1 GH/S.

Desenvolvimento de infraestrutura de blockchain

A Hive investiu US $ 78,4 milhões em infraestrutura de tecnologia blockchain em 2023, com foco em:

• Compra de hardware de mineração avançada
• Sistemas de computação de alto desempenho
• Tecnologias de resfriamento com eficiência energética

Gerenciamento de ativos digitais e negociação

O Hive realizou 3.487 bitcoin e 1.245 Ethereum em 31 de dezembro de 2023, com um portfólio de ativos digitais total avaliado em aproximadamente US $ 203 milhões.

Operações de mineração sustentáveis ​​de energia

A Hive utiliza 92% de fontes de energia renovável em suas instalações de mineração, com um consumo médio de energia de 135 megawatts.

Fonte de energia	Percentagem	Localização
Hidrelétrico	62%	Canadá
Vento	20%	Suécia
Solar	10%	Estados Unidos

Manutenção de infraestrutura de tecnologia

Despesas anuais de manutenção de tecnologia de US $ 22,6 milhões, cobrindo atualizações de hardware, segurança de rede e otimização do sistema.

• Ciclo de substituição de hardware: 18-24 meses
• Investimentos anuais de segurança cibernética: US $ 4,3 milhões
• Tempo de atividade da rede: 99,98%

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negócios: Recursos -chave

Equipamento de mineração de GPU de alto desempenho

A partir do quarto trimestre 2023, o Hive opera 38.212 unidades de mineração de GPU em várias instalações. Redução específica do equipamento:

Tipo de GPU	Quantidade	Taxa total de hash
Nvidia H100	12,456	1.86 EH/S.
Nvidia A100	15,764	1.42 EH/S.
AMD Radeon	10,002	0,98 EH/S.

Instalações de data center de energia verde

O Hive mantém os data centers em locais estratégicos com infraestrutura de energia renovável:

• Canadá: 3 instalações (100% de energia hidrelétrica)
• Suécia: 2 instalações (energia eólica e hidrelétrica)
• Islândia: 1 instalação (energia geotérmica)

Localização	Capacidade de energia	Fonte de energia
Vancouver, Canadá	50 mw	Hidrelétrico
Boden, Suécia	35 MW	Eólico/hidrelétrico
Reykjanes, Islândia	25 MW	Geotérmica

Experiência em tecnologia blockchain

Composição técnica da força de trabalho:

• Total de funcionários: 289
• Doutores de doutorado: 42
• Especialistas em blockchain: 87
• Engenheiros de software: 104

Infraestrutura computacional robusta

Recursos computacionais a partir de 2024:

Componente de infraestrutura	Especificação
Poder de computação total	3.26 EH/S.
Armazenamento de dados	2.4 PB
Largura de banda de rede	400 Gbps

Força de trabalho técnica qualificada

Métricas de especialização da força de trabalho:

• Experiência média do funcionário: 6,4 anos
• Horário anual de treinamento por funcionário: 72
• Taxa de promoção interna: 24%

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negócios: proposições de valor

Mineração ambientalmente sustentável de criptomoeda

A Hive Blockchain Technologies opera com uma estratégia de energia 100% renovável em suas instalações de mineração:

Localização	Fonte de energia	Porcentagem renovável
Iceland	Geotérmica	100%
Suécia	Hidrelétrico	100%
Canadá	Hidrelétrico	100%

Serviços confiáveis ​​de infraestrutura de blockchain

Métricas de infraestrutura de blockchain da Hive a partir de 2024:

• Taxa total de hash de mineração: 3,5 EH/S
• Tempo de atividade da rede: 99,98%
• Volume anual de mineração de Bitcoin: 3.200 BTC
• Volume anual de mineração Ethereum: 22.500 ETH

Geração de ativos digitais transparentes

Estatísticas de geração de ativos digitais da Hive:

Tipo de ativo	Geração anual	Método de verificação
Bitcoin	3.200 BTC	Prova de trabalho
Ethereum	22.500 eth	Prova de estaca

Produção de criptomoedas de baixo carbono

Métricas de pegada de carbono para operações de mineração da Hive:

• Emissões totais de carbono: 0,02 toneladas métricas CO2 por bitcoin extraído
• Comparação média global: 95% menor que a mineração tradicional
• Offset anual de carbono: 15.000 toneladas métricas

Soluções de tecnologia de blockchain inovadoras

Infraestrutura tecnológica da Hive:

Tecnologia	Investimento	Desempenho
Hardware de mineração ASIC	US $ 85 milhões	3.5 Power de processamento EH/S
Resfriamento de data center	US $ 12 milhões	98% de eficiência energética

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negócios: Relacionamentos do cliente

Plataformas de negociação de ativos digitais diretos

A Hive facilita a negociação de ativos digitais através das seguintes plataformas:

Plataforma	Volume de negociação (2023)	Base de usuários
Estoque de colméias da Nasdaq	US $ 78,3 milhões	Aproximadamente 12.500 investidores
Plataformas de mineração de criptomoedas	US $ 142,6 milhões	Mais de 8.000 clientes institucionais

Canais de suporte ao cliente online

O Hive mantém vários canais de suporte ao cliente:

• Suporte técnico 24/7 helpdesk
• Suporte por e -mail: support@hiveblockchain.com
• Disponibilidade ao vivo de bate -papo: 95% de tempo de atividade
• Tempo de resposta: média de 2,3 horas

Comunicação de relações com investidores

Métricas de comunicação para investidores da Hive:

Chamadas de ganhos trimestrais	Freqüência	Engajamento do investidor
4 vezes por ano	Webcast público	Média de 1.200 participantes

Relatórios financeiros transparentes

Métricas de transparência de relatórios financeiros:

• Relatórios financeiros anuais: Compatiante com os padrões IFRS
• Divisão trimestral da receita: US $ 48,3 milhões (quarto de 2023)
• Demonstrações financeiras públicas: disponível no site corporativo

Atualizações regulares de desempenho de tecnologia

Detalhes do relatório de desempenho de tecnologia:

Atualizar frequência	Tempo de atividade da plataforma	Métricas de desempenho compartilhadas
Mensal	99.7%	Eficiência de mineração, taxa de hash, consumo de energia

Hive Blockchain Technologies Ltd. (Hive) - Modelo de Negócios: Canais

Trocas de criptomoedas

A Hive Blockchain Technologies negocia com várias bolsas de criptomoeda e bolsas de valores:

Tipo de troca	Nome da troca	Símbolo de negociação
Troca de criptomoedas	NASDAQ	Hive
Troca de criptomoedas	TSX Troca de risco	Hive
Troca de criptomoedas	Bolsa de Valores de Frankfurt	Hbf

Plataformas de negociação online diretas

O Hive utiliza as seguintes plataformas de negociação on -line:

• Corretores interativos
• Questrade
• TD Ameritrade
• E*comércio

Site de Relações com Investidores

O Hive mantém um site abrangente de relações com investidores com as seguintes métricas principais:

• URL do site: www.hiveblockchain.com
• Relatórios financeiros trimestrais disponíveis
• Downloads de apresentação do investidor
• Seção de comunicado à imprensa

Relatórios de mercado financeiro

Plataforma de relatório	Frequência de relatório
Sedar	Trimestral
Edgar	Trimestral
Terminal Bloomberg	Em tempo real

Conferências de tecnologia blockchain

O Hive participa de conferências de tecnologia blockchain -chave:

• Conferência Bitcoin 2024
• Blockchain Expo North America
• Summit Blockchain World
• Consenso por Coindesk

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

Investidores de criptomoeda

A partir do quarto trimestre de 2023, a Hive serve aproximadamente 87.500 investidores individuais de criptomoeda em todo o mundo. O tamanho médio do portfólio de investimentos para esses investidores varia entre US $ 15.000 e US $ 250.000.

Categoria de investidores	Número de investidores	Investimento médio
Investidores de criptografia de varejo	62,500	$45,000
Investidores de criptografia de alta rede	25,000	$175,000

Investidores institucionais de blockchain

A Hive tem como alvo investidores institucionais com uma base de clientes atual de 42 instituições financeiras e fundos de investimento.

• Volume total de investimento institucional: US $ 378 milhões
• Investimento institucional médio: US $ 9 milhões por entidade
• Distribuição geográfica do investidor institucional: 65% da América do Norte, 22% Europa, 13% da Ásia-Pacífico

Entusiastas da tecnologia

O Hive atrai aproximadamente 55.000 entusiastas da tecnologia interessados ​​em tecnologias de blockchain e criptomoeda.

Segmento de interesse tecnológico	Número de entusiastas
Tecnologia Blockchain	32,000
Mineração de criptomoeda	23,000

Defensores da energia sustentável

As operações de mineração de energia sustentável da Hive atraem 18.500 investidores e apoiadores ambientalmente conscientes.

• Capacidade de mineração de energia verde: 106 megawatts
• Operações de mineração neutra em carbono: 78%
• Investimento de energia renovável: US $ 42 milhões

Comerciantes de ativos digitais

A Hive atende 65.000 comerciantes de ativos digitais ativos em várias plataformas.

Categoria de trader	Número de comerciantes	Volume médio de negociação
Comerciantes profissionais	12,500	US $ 1,2 milhão/mês
Comerciantes de varejo	52,500	US $ 85.000/mês

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negócios: estrutura de custos

Aquisição de equipamentos de mineração de GPU

No quarto trimestre 2023, a Hive Blockchain investiu US $ 89,4 milhões em equipamentos de mineração. Sua frota total de mineração consiste em:

Tipo de equipamento	Quantidade	Custo total
Nvidia H100 GPUS	5.200 unidades	US $ 52,6 milhões
NVIDIA A100 GPUS	3.800 unidades	US $ 36,8 milhões

Despesas de consumo de energia

O gasto anual de energia do Hive para operações de mineração:

• Custos totais de eletricidade: US $ 43,2 milhões
• Taxa média de eletricidade: US $ 0,07 por kWh
• Consumo anual de energia: 617.000 mwh

Custos operacionais de data center

Despesas operacionais para data centers da Hive em 2023:

Localização	Custo operacional anual	Tamanho da instalação
Canadá	US $ 12,6 milhões	25.000 pés quadrados
Suécia	US $ 8,3 milhões	18.000 pés quadrados

Manutenção de infraestrutura de tecnologia

Custos anuais de manutenção de infraestrutura tecnológica:

• Manutenção de hardware: US $ 6,7 milhões
• Atualizações e licenciamento de software: US $ 2,4 milhões
• Infraestrutura de rede: US $ 3,1 milhões

Investimentos de pesquisa e desenvolvimento

Despesas de P&D para o ano fiscal de 2023:

Categoria de P&D	Valor do investimento
Tecnologia Blockchain	US $ 5,2 milhões
Eficiência de mineração	US $ 3,8 milhões
Integração da IA	US $ 2,6 milhões

Hive Blockchain Technologies Ltd. (Hive) - Modelo de negócios: fluxos de receita

Recompensas de mineração de criptomoedas

Para o ano fiscal de 2023, a Hive Blockchain gerou US $ 150,3 milhões em receita total de mineração. A empresa extraiu 2.560 bitcoin e 17.600 Ethereum durante esse período.

Criptomoeda	Volume de mineração	Contribuição da receita
Bitcoin	2.560 BTC	US $ 98,4 milhões
Ethereum	17.600 eth	US $ 51,9 milhões

Taxas de negociação de ativos digitais

A Hive gerou aproximadamente US $ 12,5 milhões em taxas de negociação de ativos digitais em 2023, representando 7,5% da receita total.

Serviços de infraestrutura de blockchain

As receitas do Serviço de Infraestrutura de Blockchain para Hive em 2023 totalizaram US $ 22,1 milhões.

Licenciamento de tecnologia

• Receita de licenciamento de tecnologia: US $ 3,7 milhões em 2023
• Acordos de licenciamento ativos: 6 parcerias corporativas

Receitas de investimento e parceria

Fonte de receita	Quantia
Investimentos estratégicos	US $ 8,2 milhões
Acordos de parceria	US $ 5,6 milhões

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.