HIVE Digital Technologies has reported a remarkable increase in revenue, reaching $297.8 million in the first quarter, up from $115.3 million in the same period last year. This growth is primarily driven by digital currency mining, which generated $278.3 million. However, the company faced challenges as its Bitcoin holdings decreased by 331 BTC due to rising operational costs associated with expanding its mining and data center operations. Operating expenses surged, with depreciation costs rising to $170.4 million, nearly three times higher than the previous year. In addition to its mining operations, HIVE's high-performance computing (HPC) segment saw significant growth, contributing $19.5 million to the total revenue, almost doubling from $10 million a year earlier. The company reported that its contracted annual recurring revenue from the HPC division reached $35 million by year-end, fueled by demand for AI computing services and new enterprise contracts. HIVE is also planning a 320-megawatt AI data center project in the Greater Toronto Area, which could accommodate over 100,000 GPUs, reflecting a broader trend among public Bitcoin miners diversifying into AI and cloud computing.