Bitcoin mining has never been easy. After the halving, with competition fierce and margins thin, it’s gotten even harder.
But HIVE Digital just reported a 219% revenue surge—and it’s not from mining more Bitcoin. It’s from artificial intelligence.
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HIVE’s Q4 2025 earnings tell a remarkable story. While crypto mining revenue declined, AI infrastructure revenue exploded.
The company’s pivot to AI data centers and compute services is paying off in a way that pure mining never could.
The numbers tell the story
The numbers are striking. HIVE’s stock jumped 17% on the earnings news. Investors are clearly betting that the AI pivot is the right strategy.
And they may be onto something. Bitcoin mining is facing structural challenges. The halving reduced block rewards by half.
Energy costs remain high. Competition from industrial-scale miners has squeezed margins. For many miners, the math simply doesn’t work anymore.
Transferable competencies
But HIVE found another way. The company recognized that its core competencies—infrastructure, energy management, data center operations—were transferable to AI compute.
The same facilities that housed mining rigs could house AI servers. The same energy contracts could power machine learning workloads.
The AI opportunity is enormous. Demand for compute is exploding as companies race to build and deploy AI models.
Data centers are struggling to keep up. HIVE’s existing infrastructure put it in a unique position to capture this demand.
The pivot isn’t just working—it’s thriving. AI revenue now exceeds crypto mining revenue at HIVE.
The company has effectively transformed itself from a Bitcoin miner into an AI infrastructure provider that also mines Bitcoin.
"Bitcoin wastes energy!"
In Finland, Bitcoin mining is actually replacing oil and gas heating.
I investigated these secretive projects… and I was amazed.
Not only do miners warm these snowy towns but they also balance the energy grid 🤯
Watch and see for yourself: pic.twitter.com/NwvlJs3Tic
— Joe Nakamoto ⚡️ (@JoeNakamoto) February 16, 2026
An industry-wide trend
HIVE isn’t alone in this shift. Other miners are exploring similar pivots. Core Scientific, one of the largest public miners, has been expanding its AI hosting business.
The trend is clear: mining alone isn’t enough anymore.
The convergence makes sense. Bitcoin mining and AI infrastructure require similar resources: cheap energy, cooling systems, data center expertise.
Miners have spent years optimizing these capabilities. Now they’re applying them to a market with better margins and growth prospects.
The new normal for miners
For the mining industry, this could be the new normal. Pure-play mining may survive at the largest scale, but diversification is becoming essential. The miner-AI pivot is just beginning.
Crypto market researcher and external contributor at Kriptoworld
Wheel. Steam engine. Bitcoin.
📅 Published: February 19, 2026 • 🕓 Last updated: February 19, 2026
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