Hive Digital CFO Darcy Daubaras says the company is coming off record fiscal-year growth, driven by a sharp expansion in Bitcoin mining in Paraguay and an emerging AI/data-center business in Canada. The core message is that Bitcoin cash flow is funding a staged HPC buildout, with management targeting a rapid move from roughly $20 million of current HPC run rate to $35 million, then $200 million by year-end if customer contracts and GPU deployments land as planned.
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Darcy Daubaras’ main thesis is straightforward: Hive Digital is transitioning from a Bitcoin-mining-led growth story into a dual-engine model where Bitcoin cash flow finances a much larger AI/high-performance computing data-center business. He says the company just completed a fiscal year with “record numbers,” highlighted by Paraguay mining growth from 6 EH/s to 25 EH/s and total revenue “just under $300 million.” In his framing, the Bitcoin operation is not being abandoned; it remains the stability and cash-flow engine that enables expansion into AI infrastructure. He emphasizes that the mining side is still strong and strategically important. Daubaras says Hive mined “more 104%” this year, operates “300MW down in Paraguay,” and believes the fleet is among the “most efficient” in the industry. …
Tactically, the stock story likely trades on whether Hive can announce customer wins for the Canadian HPC buildout. Until that happens, sentiment may swing around Bitcoin price and skepticism over how quickly the AI run rate can scale.
Over the next few months, the key setup is validation of the Manitoba and Merritt deployments into real revenue. If contracts and utilization show up, the market can start valuing Hive as a hybrid miner-plus-AI infrastructure name rather than a pure crypto proxy.
Structurally, Hive is betting that Bitcoin mining can serve as a financing layer for compute infrastructure, creating a more durable hybrid model. If that works, it signals a broader shift where miners migrate toward energy-backed AI capacity; if not, the business remains a volatile BTC-levered miner.
Hive Digital just completed a fiscal year of record numbers and strong growth.
The CFO explicitly describes the results as record-breaking.
Bitcoin mining expansion in Paraguay, from 6 EH/s to 25 EH/s, was a major driver of the year’s growth.
He ties operating expansion directly to fiscal-year performance.
Hive is deliberately keeping Bitcoin as a core business because it funds the broader expansion plan.
He says the company is embracing Bitcoin rather than pivoting away from it.
Can you talk about the company’s financial results for the fiscal year end and the record numbers once again?
Daubaras says the year featured record growth driven by Paraguay mining expansion and the early scaling of the dual-engine strategy.
Can you explain the digital Bitcoin part and how it continues to support the business?
He says Hive continues to embrace Bitcoin because it powers the company forward and funds expansion into data centers, supported by a highly efficient Paraguay fleet.
Can you talk about the computing side and the path ahead for that part of the story?
Daubaras says the current $20 million run rate comes from older NVIDIA-based builds, while Bell-linked Canadian capacity and customer MoUs could lift run rate to $35 million and then $200 million by year-end.
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