Canadian crypto mining company HIVE Digital Technologies has reported a significant 263% year-over-year increase in its Bitcoin reserves. The primary revenue sources are Bitcoin mining and high-performance computing (HPC) services.
HIVE Digital Bitcoin Reserve Hits New High
During the last quarter, HIVE mined 322 BTC, raising its total holdings to 2,805 BTC, valued at $260 million. This achievement was hailed as a "record" by executive chairman Frank Holmes.
CITE_W_A: “We ended 2024 with a record Bitcoin HODL of 2,805 Bitcoin, valued at over $260 million. This represents a 263% year-over-year increase from $72 million of Bitcoin on our balance sheet at the end of December 2023,” said Frank Holmes.
Financial Comeback and Expansion Plans
HIVE's operating profits stood at $6.1 million with a net income of $1.3 million, marking a significant recovery from a $7 million loss in the same quarter last year. The company attributes its return to profitability to a cost-conscious strategy.
In January, HIVE announced a multi-million-dollar deal to acquire a 200 MW mining facility in Paraguay. The new site, Yguazú, will be developed in two phases, with the first phase 80% complete and set to go live by Q2, and the second by August. This will add 12.5 EH/s to HIVE’s mining power.
Aiming for More Growth
HIVE is focused on expanding its operations in the context of fluctuating market prices and growing competition among miners. The expansion in Paraguay is a key step toward reaching 25 EH/s by September, strengthening the company's position in the crypto-mining industry.
Additionally, HIVE Digital Technologies announced its relocation from Vancouver, Canada to Texas, USA, motivated by positive expectations for a more Bitcoin-friendly regulatory environment under President Trump, America's 47th President.
HIVE Digital Technologies continues to expand its Bitcoin reserves and operations, solidifying its position in the global crypto mining industry through successful financial strategies and strategic investments.
