Crypto Miner’s Wild Ride: 263% Surge in Bitcoin Reserves
Good show, old chap! HIVE Digital Technologies, the Canadian crypto mining firm, has seen its shares rise like a hot air balloon on a summer’s day, a whoppin’ 2.57% on Wednesday, after it announced its third-quarter results for fiscal year 2025. And what a spiffing set of numbers they are!
The Vancouver-headquartered firm, with its executive chairman Frank Holmes at the helm, reported a total revenue of $29.2 million, driven by both Bitcoin (BTC) mining and high-performance computing services. Not bad for a bunch of crypto enthusiasts, eh?
During the quarter, HIVE mined a tidy 322 BTC, boosting its crypto holdings to 2,805 BTC, valued at a cool $260 million. And what’s more, this marks a 263% increase from last year, a “record” milestone, if you will. Holmes must be beaming with pride, I should think.
Meanwhile, the company’s HPC business has hit a $10 million annualized run rate, bringing in a respectable $2.5 million in revenue for the quarter. And the operating margins? A tidy $6.1 million, if I’m not mistaken. Not bad for a company that was in the red last year, eh?
But the pièce de résistance, old bean, is the company’s plan to expand its Paraguay site to boost its Bitcoin mining capacity. In January, HIVE signed a multi-million deal to acquire a 200 MW mining site in Paraguay, with plans to achieve 25 EH/s by September. As crypto.news reported, the facility, called Yguazú, will be developed in two phases. The first phase — which is already 80% complete — is set to go live by Q2, adding 6 EH/s, while the second one — expected by August — will contribute another 6.5 EH/s using Bitmain S21+ hydro-cooled ASICs.
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2025-02-12 11:26