Some of the best growth stocks started out as penny stocks, and digging for small-cap companies can lead to significant gains. If you only want to spend $3 on a promising stock, Hive Digital Technologies (HIVE 1.88%) should be on your radar.
It's a crypto miner that has recently pivoted to AI infrastructure. Investors who feel like they missed out on IREN (IREN 1.45%) and Cipher Mining (CIFR 2.83%) can get a ground-floor entry with this stock.
Hive Digital Technologies is expanding its mining capacity
Image source: Getty Images
A crypto miner's hash rate is a key metric that influences how much Bitcoin (BTC +2.51%) it can mine. A higher hash rate translates into more revenue and profits.
NASDAQ: HIVE
Key Data Points
Hive Digital Technologies achieved an average mining capacity of 5.7 exhash per second (EH/s) in January. The company built up its mining operations and reached an average 23.5 EH/s. This figure has some peaks and dips, and the company's peak November production was 25.4 EH/s.
The rising EH/s allowed Hive Digital Technologies to almost triple its Bitcoin production year-over-year to 290 Bitcoins in November. Hive Digital Technologies is producing far more Bitcoin and is well-positioned for a crypto rally. Hive Digital Technologies should continue to expand its EH/s in 2026.
AI compute demand is surging
Hive Digital Technologies is more of a crypto stock right now, with crypto making up more than 90% of revenue. That segment also quadrupled year-over-year in Q3.
However, the crypto miner's pivot to AI is gaining momentum. Its high performance computing segment focuses on this technology, and that part of the business saw its revenue jump by 175% year-over-year in Q3.
Hive Digital Technologies has Bell Canada Enterprises (BCE 0.83%) as an AI infrastructure client. The company's executives are focused on AI in 2026 and have a pristine balance sheet to make additional investments. Hive Digital Technologies has $136.7 million in total current assets and only $53.6 million in total current liabilities.
