HIVE Digital Technologies, a leading Canadian cryptocurrency mining firm, has reported strong third-quarter financial results for fiscal year 2024.
In its February 11 earnings report, the Vancouver-based firm disclosed $29.2 million in total revenue for the quarter, with Bitcoin mining contributing a significant share.
The company produced 322 BTC during the period, bringing its total Bitcoin holdings to 2,805 BTC, valued at approximately $260 million—a 263% year-over-year increase, which executive chairman Frank Holmes called a “record milestone.”
HIVE’s high-performance computing division also demonstrated steady growth, reaching an annualized run rate of $10 million. The segment contributed $2.5 million in revenue for the quarter, further strengthening the company’s financial position.
Despite a challenging market environment, HIVE posted an operating margin of $6.1 million and reported a net income of $1.3 million— a major turnaround from the $7 million loss recorded in the same quarter last year.
Looking ahead, HIVE stated it is focused on expanding its operations, particularly in Paraguay, where it is working to scale its Bitcoin mining capabilities. In January, the company signed a multi-million-dollar deal to acquire a 200-megawatt mining facility in the country. The site, known as Yguazú, is being developed in two phases.
The first phase, already 80% complete, is set to go live by the second quarter of this year, adding 6 exahashes per second (EH/s) of mining capacity. The second phase, scheduled for completion by August, will contribute another 6.5 EH/s, utilizing Bitmain’s advanced S21+ hydro-cooled ASIC miners.
With these strategic investments, HIVE aims to achieve a total mining capacity of 25 EH/s by September, reinforcing its position as a major player in the global Bitcoin mining industry.
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