HIVE Exec: AI GPUs Earn 10x More per Hour Than Mining Rigs

HIVE Executive Chairman Frank Holmes said the firm’s AI compute GPUs are generating far more revenue per hour than its bitcoin mining rigs, as the company’s fiscal 2026 revenue surged 158% to $297.8 million.

The comparison is central to how Holmes has put forth HIVE’s strategy heading into the latter half of the year, i.e. rather than treating AI compute and bitcoin mining as competing uses of the same power and hardware, the company is directing more of its infrastructure spend toward the higher-margin business while keeping its mining operation running.

The AI pivot is not new for HIVE given that the company made a $70 million bet on Nvidia chips roughly three years ago, at a time when most of its GPU fleet was mining ether before that network’s move to proof-of-stake eliminated GPU mining altogether. Holmes has said that early wager, initially postured around Ethereum mining, gave his company a head start when the AI computing boom created fresh demand for the same hardware.

That infrastructure has since attracted outside validation. Chardan Capital, for instance, initiated coverage of HIVE on July 27 with a “Buy” rating and a $7.50 price target, the company’s first-ever sell-side analyst rating. HIVE has also signed a roughly $220 million GPU cloud agreement with Bell and AI firm Cohere, and raised $75 million through a note offering earmarked for further AI infrastructure buildout.

HIVE’s most ambitious project is a 320-megawatt (MW) AI data center under construction in the Greater Toronto Area, designed to eventually host more than 100,000 GPUs. The company has said the facility could generate roughly $360 million in annualized recurring revenue once fully online in the second half of 2027.

HIVE’s near-term target is to grow its AI and HPC run-rate revenue tenfold from current levels by its fiscal year-end, a goal that would require the Toronto facility and further GPU cloud contracts to come online largely on schedule.