HIVE Digital Technologies has announced a significant rise in revenues for the third quarter of fiscal year 2024, driven by Bitcoin mining income and increased cryptocurrency holdings.
HIVE Financial Results
Vancouver-based HIVE Digital Technologies reported $29.2 million in total revenue for Q3 2024. Despite challenging market conditions, the company achieved an operating margin of $6.1 million and reported a net income of $1.3 million, marking a major turnaround from a $7 million loss in the same quarter last year.
Bitcoin Mining Achievements
HIVE produced 322 BTC during the period, increasing its total Bitcoin holdings to 2,805 BTC, valued at approximately $260 million, representing a 263% year-over-year increase. Executive Chairman Frank Holmes described this as a "record milestone."
Company Expansion and Plans
The company is focusing on expanding its operations in Paraguay, where 80% of the first phase of a new mining site has been completed. This phase is expected to go live by Q2 this year, adding 6 EH/s of capacity. The second phase, scheduled for completion by August, will add another 6.5 EH/s, enabling HIVE to reach a total capacity of 25 EH/s by September.
HIVE Digital Technologies continues to strengthen its market position through strategic investments and increased Bitcoin mining capacity, focusing on future expansion and cryptocurrency production growth.
