Hive Digital reported growth in earnings and bitcoin holdings for the last quarter of 2024, fueled by its expanding high-performance computing (HPC) business.
Financial Results and Bitcoin Holdings
In the fourth quarter of 2024, Hive Digital's revenues from crypto mining and HPC hosting services reached $29.2 million. The HPC business generated $2.5 million. The company's adjusted earnings were $17.3 million, with net income after tax of $1.3 million. Hive mined 322 Bitcoins, boosting its 'hodl' position to 2,805 BTC.
Strategic Development and Acquisitions
Hive Digital is expanding its business strategy, including AI and HPC. In January, the company announced the acquisition of a 200-megawatt facility in Paraguay for $85 million, adding to its existing plans in the country.
Shift Toward Artificial Intelligence
The company intends to repurpose Nvidia GPUs for AI tasks, potentially generating over $2 per hour compared to $0.12 for crypto mining. Hive Digital also plans to relocate from Vancouver to Texas.
Hive Digital continues its growth trajectory by increasing its Bitcoin reserves and exploring new business avenues such as artificial intelligence, offering new growth and expansion opportunities.
