HIVE Digital tops $1M in daily crypto and AI revenue
HIVE Digital reports preliminary average daily revenue above $1 million and a GPU cloud contract pipeline exceeding $1 billion while adding a senior revenue leader at BUZZ HPC.
Rhea-AI Filing Summary
HIVE Digital Technologies Ltd. (HIVE), through its BUZZ High Performance Computing Inc. subsidiary, announced the appointment of industry veteran Mark Volk as Senior Vice President, Revenue, to lead BUZZ’s global go-to-market strategy and build its revenue engine across enterprise, government, sovereign AI, hyperscale, research and academic markets.
The company also reported preliminary, unaudited operating data indicating that on August 21, 2026 it exceeded $1 million in daily revenue from combined hashrate services and GPU cloud services and that, since that date, it has produced an average of about 12 Bitcoin per day (roughly 2% of global network production) plus about $100,000 in average daily GPU cloud revenue, together yielding combined average daily revenue above $1 million. Management highlighted a GPU cloud demand pipeline of more than $1 billion in total contract value and more than $600 million in signed total contract value year to date, while indicating plans to wind down Bitcoin mining in Sweden, which represented less than 5% of August global daily revenue, as it evaluates repurposing that infrastructure toward higher-value AI and HPC applications. All operating figures and non-GAAP measures such as average daily revenue and total contract value are based on preliminary estimates and are subject to change.
Positive
- Combined average daily revenue above $1 million from Bitcoin hashrate services and GPU cloud operations, based on preliminary, unaudited estimates since August 21, 2026.
- GPU cloud business shows strong commercial traction with a demand pipeline over $1 billion in total contract value and more than $600 million in signed total contract value year to date.
- Strategic shift toward higher-value AI/HPC is reinforced by winding down Swedish Bitcoin mining, which contributed less than 5% of August global daily revenue, to evaluate repurposing that infrastructure.
Negative
- None.
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8-K Event Classification
Key Figures
Key Terms
sovereign AI cloud technical
GPU-as-a-Service technical
hashrate services technical
total contract value financial
non-GAAP financial
sovereign AI technical
FAQ
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What key announcements did HIVE (HIVE) make in this 8-K?
How much average daily revenue is HIVE (HIVE) currently generating?
What is the size of HIVE’s GPU cloud contract pipeline and signed deals?
What role will Mark Volk play at BUZZ HPC for HIVE (HIVE)?
How significant are HIVE’s Swedish Bitcoin mining operations to its revenue?
What percentage of global Bitcoin production does HIVE currently contribute?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On September 10, 2026, HIVE Digital Technologies Ltd. (the "Company") issued a press release (the "Press Release") announcing certain business and operating updates. A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
On September 10, 2026, the Company announced that its wholly owned subsidiary, BUZZ High Performance Computing Inc. ("BUZZ") appointed Mark Volk to serve as BUZZ's Senior Vice President, Revenue.
On September 10, 2026, the Company also announced that, based on preliminary information available to management, its estimated average daily revenue exceeded approximately USD$ 1 million per day from the combined production of hashrate services and GPU services. Estimated average daily revenue is based on preliminary, unaudited information and has not been subject to the Company's normal quarter-end closing procedures and adjustments, and should not be viewed as necessarily indicative of the Company's results for the remainder of the quarter or any future period and should not be interpreted as a forecast or projection of future revenue. Estimated average daily revenue should be considered supplemental information and should not be considered in isolation or as a substitute for the Company's financial statements or other financial information prepared in accordance with U.S.GAAP
Cautionary Note Regarding Forward-Looking Statements
Statements in this Current Report on Form 8-K about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to estimated average daily revenue. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including delays in equipment delivery or commissioning, changes in customer demand, counterparty credit risk, fluctuations in power and operating costs, competitive pricing pressures, regulatory developments, capital availability and the other factors described from time to time in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"). In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca. Any forward-looking statements contained in this Current Report on Form 8-K speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number |
Description |
| 99.1 | Press Release dated September 10, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HIVE DIGITAL TECHNOLOGIES LTD. | ||
| By: | /s/ Darcy Daubaras | |
| Name: | Darcy Daubaras | |
| Title: | Chief Financial Officer | |
Date: September 15, 2026
Exhibit 99.1
HIVE's BUZZ HPC Appoints AI and HPC Veteran Mark Volk as Senior Vice President, Revenue; HIVE Surpasses $1 Million in Average Daily Revenue
Appointment strengthens BUZZ HPC's commercial leadership as HIVE scales its global AI infrastructure platform and advances its dual-engine strategy across AI/HPC and Bitcoin mining.
This news release constitutes a "designated news release" for the purposes of the Company's
amended and restated prospectus supplement dated June 16, 2026 to its short form base shelf
prospectus dated October 31, 2025.
San Antonio, Texas--(Newsfile Corp. - September 10, 2026) - HIVE Digital Technologies Ltd. (TSX: HIVE) (NASDAQ: HIVE) (BVC: HIVECO) (the "Company" or "HIVE"), through its wholly owned subsidiary BUZZ High Performance Computing Inc. ("BUZZ HPC"), today announced the appointment of Mark Volk as Senior Vice President, Revenue. Unless otherwise indicated, all dollar amounts in this release are expressed in US dollars.
AI infrastructure is scaling rapidly, and success increasingly depends on three critical capabilities: power, compute and commercial execution.
HIVE has spent years building the first two.
With the appointment of Mark Volk, BUZZ is strengthening the commercial relationship required to scale the third.
Mr. Volk brings nearly three decades of experience building and commercializing AI, high-performance computing ("HPC"), cloud and enterprise infrastructure businesses. As Senior Vice President, Revenue, he will lead BUZZ HPC's global go-to-market strategy across enterprise, government, sovereign AI, hyperscale, research and academic markets.
His mandate is straightforward: build the revenue engine and scale it globally.
Mr. Volk will lead commercialization of BUZZ HPC's GPU-powered AI infrastructure, including sovereign AI cloud, GPU-as-a-Service ("GPUaaS"), colocation and hybrid AI solutions, as well as strategic partnerships and channel development.
He reports to Craig Tavares, President and Chief Operating Officer of BUZZ HPC.
Building the Team to Scale
Mr. Volk has spent his career at the intersection of compute and commercialization.
Before joining BUZZ HPC, he served as CEO of CiphexAI Corporation, where he led the commercialization of AI technologies and infrastructure.
Previously, Mr. Volk spent five years at Hewlett Packard Enterprise ("HPE"), first as Vice President of Federal for Canada and later as General Manager of HPC & AI Commercial for the Americas. During his commercial leadership, HPE's HPC and AI business grew approximately 425% to more than $2 billion in revenue, serving government, enterprise, research and academic customers across the Americas.
At IBM, Mr. Volk held worldwide leadership roles and managed a portfolio of approximately $1.2 billion. He also helped launch IBM's first HPC Cloud SaaS offering, growing that business approximately 200% in less than two years.
Before IBM, he served as Director of Worldwide HPC Sales and Marketing at Platform Computing, where he helped grow the business from approximately $25 million to more than $60 million before its acquisition by IBM.
His career also includes leadership roles at Corel, N-able, Tomoye and Entrust across software, SaaS, cybersecurity and enterprise infrastructure.
Mr. Volk holds an MBA from the University of Ottawa's Telfer School of Management and has a background in business administration and computer science.
HIVE Surpasses $1 Million in Average Daily Revenue
HIVE is also pleased to provide an update on the continued scaling of its global digital infrastructure platform. The operating results below are based on preliminary, unaudited management estimates as of the date of this release.
On August 21, 2026, the Company exceeded $1 million in daily revenue from the combined production of hashrate services and GPU cloud services.
Since August 21, 2026, HIVE has produced an average of approximately 12 Bitcoin per day, representing approximately 2% of global Bitcoin network production, while its GPU cloud operations have generated approximately $100,000 in average daily revenue.
Based on prevailing Bitcoin prices, network difficulty and current operating conditions, these businesses have generated combined average daily revenue exceeding $1 million.
This is the HIVE model in action:
Renewable energy → digital infrastructure → compute → revenue. The Company converts electrons into compute and then exports the compute.
Bitcoin mining provides a high-velocity cash-generating foundation, while BUZZ HPC is building a recurring, contracted AI infrastructure business on top of the Company's power, data-center and technical expertise.
Repurposing Infrastructure for the AI Era
HIVE continues to optimize its global infrastructure portfolio around its highest-return opportunities.
The Company's Swedish Bitcoin mining operations, which HIVE has previously discussed, represented less than 5% of the Company's global daily revenue during August.
HIVE intends to wind down Bitcoin mining at these facilities as it evaluates the repurposing of existing infrastructure toward higher-value HPC and AI applications.
The objective is simple: put every megawatt to its highest and best use.
Management Commentary
Frank Holmes, Executive Chairman of HIVE Digital Technologies, said:
"Great companies are built by great teams. We spent years securing renewable power, building data centers and developing the technical expertise required to operate compute infrastructure at global scale. Now we are assembling the people who can turn that infrastructure into long-term AI revenue.
Mark knows this market. He has built businesses at HPE, IBM and Platform Computing across billion-dollar platforms and high-growth environments. He understands sovereign AI, enterprise customers and how to convert a technology pipeline into contracts.
AI needs compute. Compute needs power. And power needs infrastructure. HIVE has spent years building all three. Now we are building the team to scale it."
Aydin Kilic, President and CEO of HIVE Digital Technologies, said:
"Mark has worked closely with our team as a consultant for approximately nine months, so we know what he can do.
During that period, he has helped us build our current GPU cloud demand pipeline to more than $1 billion in total contract value potential. Year to date, we have closed more than $600 million in total contract value1 for GPU cloud contracts, notably including three- and five-year agreements with creditworthy counterparties.
We are moving from building infrastructure to scaling a global AI platform. That requires experienced operators who know how to execute. Mark is one of those people."
Craig Tavares, President and Chief Operating Officer of BUZZ HPC, said:
"I have known Mark for over a decade and he understands how to build revenue engines around highly complex infrastructure.
He has operated at billion-dollar scale, built businesses from the ground up and sold sophisticated compute solutions to governments, enterprises and research institutions. That combination is rare.
We are building BUZZ for scale, and Mark's job is to help turn our power, GPUs and infrastructure into long-duration contracted revenue. We want him building that engine now."
Mark Volk, Senior Vice President, Revenue of BUZZ HPC, said:
"Compute is becoming one of the world's most strategically important infrastructure assets.
BUZZ HPC sits at the convergence of renewable energy, data centers, accelerated computing and sovereign AI. That creates an extraordinarily powerful platform.
My mission is to build the commercial engine around it: win customers, build partnerships and convert our infrastructure into large-scale, long-duration contracts across government, enterprise and hyperscale markets.
The infrastructure is here. The demand is here. Now we scale."
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is a global leader in sustainable digital infrastructure, building and operating renewable energy-powered data centres. Through its wholly owned subsidiary, BUZZ High Performance Computing Inc., HIVE delivers sovereign AI cloud infrastructure and enterprise GPU computing services powered by next-generation accelerated computing. HIVE's dual-engine strategy combines long-life digital infrastructure assets with renewable energy to generate diversified, long-term cash flows across AI infrastructure and digital asset mining.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Nathan Fast, Director of Marketing and Branding
Frank Holmes, Executive Chairman
Aydin Kilic, President & CEO
Tel: (604) 664-1078
About BUZZ High Performance Computing Inc.
BUZZ High Performance Computing Inc., a wholly owned subsidiary of HIVE Digital Technologies Ltd., is Canada's leading sovereign AI cloud provider, delivering enterprise GPU infrastructure, AI cloud services and high-performance computing solutions. BUZZ designs, builds and operates advanced AI infrastructure powered by renewable energy, enabling enterprises, AI companies, governments, research institutions and innovators to train, fine-tune and deploy advanced AI models at scale. By combining purpose-built AI factories, next-generation accelerated computing, high-performance networking and enterprise cloud technologies, BUZZ is building the digital infrastructure that powers the next generation of artificial intelligence.
For more information, visit buzzhpc.ai.
1Total contract value figures referenced above represent the aggregate value of signed customer agreements and letters of intent for GPU cloud and related services. Total contract value is not a recognized measure under U.S. GAAP, is not a guarantee of future or recognized revenue, and actual revenue is recognized over the applicable contract term and remains subject to the risks described under "Forward-Looking Information" below.
Neither the TSX, Nasdaq, nor any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Non-GAAP and Supplementary Financial Measures
This news release refers to "average daily revenue," "operating margin," and "total contract value," each of which is a supplementary financial measure that is not a recognized measure under U.S. GAAP, does not have a standardized meaning prescribed by U.S. GAAP, and may not be comparable to similarly titled measures presented by other companies. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: the anticipated benefits and contributions of Mark Volk's appointment as Senior Vice President, Revenue of BUZZ HPC; BUZZ HPC's ability to execute its go-to-market strategy and to convert its GPU cloud demand pipeline and total contract value into recognized revenue; the Company's ability to sustain or growits average daily revenue and operating margins; the intended wind-down of Bitcoin mining at the Company's Swedish facilities and the repurposing of that infrastructure toward higher-value HPC and AI applications, and the timing thereof; business goals and objectives of the Company; and other forward-looking information concerning the intentions, plans and future actions of the Company.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: the Company's ability to attract, retain and integrate key personnel, including recently appointed executives, and to realize the anticipated benefits of such appointments; the Company's ability to convert its GPU cloud demand pipeline and signed total contract value into recognized revenue on the timing anticipated, or at all; the volatility of the digital currency market; the Company's ability to successfully earn digital currency; our dependence on significant customers for our HPC operations; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency and AI infrastructure in Canada, the United States and the countries where our facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; the ability to maintain reliable and economical sources of power to operate its facilities; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; the construction, wind-down, repurposing or operation of facilities may not occur as currently planned, or at all; revenue may not increase as currently anticipated, or at all; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; reliance on key personnel; network security risks; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of newinformation, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/313788
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