HIVE Digital Technologies announced its Q3 FY2025 financial results, showcasing steady growth due to Bitcoin mining and high-performance computing services.
HIVE Q3 Results
The Canadian company HIVE Digital Technologies saw a 2.57% rise in shares following the release of their Q3 fiscal results. Total revenue reached $29.2 million, bolstered by Bitcoin mining and HPC services. The net income for the quarter was $1.3 million, marking a significant improvement from the $7 million loss the previous year.
Company's Crypto Asset Development
During the quarter, HIVE mined 322 BTC, increasing its crypto holdings to 2,805 BTC, valued at $260 million. This marks a 263% increase compared to 2024. Frank Holmes, the company's executive chairman, described this as a 'record' milestone.
Strategic Plans for the Future
The company plans to expand the Paraguay site to boost Bitcoin mining capacity. In January, HIVE signed a deal to acquire a 200 MW mining site in Paraguay and aims to achieve 25 EH/s by September. The site will be developed in two phases: the first is 80% complete and will add 6 EH/s, while the second will add another 6.5 EH/s by August.
HIVE Digital Technologies continues to exhibit steady growth through effective management strategies and new investments in Bitcoin mining capacity.
