HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) announced that it mined 830 Bitcoin during the fiscal third quarter, up 5% year-over-year, resulting in $11.3 million in income from its digital currency mining operations.
The Vancouver, British Columbia green energy-focused digital asset miner said for the three months ended December 31, 2023, it achieved total 3Q revenue of $31.3 million at a 38% gross margin.
The company noted that during 3Q Bitcoin mining economics were stronger due to the rally in Bitcoin.
Its average global hashrate was more than four exahash per second (EH/s), up 10% from 3.66 EH/s in the previous quarter, while the Bitcoin mining network difficulty was approximately 82%.
On average, the company mined nine Bitcoin per day during the quarter.
"This was a very strong quarter for HIVE, as we were well positioned with our global operations, earning approximately 9 Bitcoin per day, and exceeding the growth of the Bitcoin mining network hashrate in the process,” HIVE CEO Aydic Kilic said in a statement.
“We mined 830 Bitcoin this quarter, a 2.5% increase over the previous quarter of 810 Bitcoin. This is a commendable feat considering Bitcoin mining difficulty increased by 26% this quarter, ending with a then all-time high of 72 trillion as at December 31, 2024.”
The company also realized $0.9 million in revenue from its GPU powered High Performance Computing (HPC) business unit.
“I am pleased with our growing GPU powered AI business unit realizing over $5 million of revenues on an annualized run rate basis as of December 31, 2023, effectively representing 5x growth during the 2023 calendar year,” Kilic said.
“Our team has done a phenomenal job learning and advancing our position in the HPC and AI industry, being aligned with technology leaders such as Nvidia and Dell. We are currently using our GPUs to allow our contest winner to perform research on advanced LLMs, at the vanguard of AI advancement."
The company saw a net loss of $6.95 million for 3Q attributed to the accelerated depreciation on ASIC equipment and a provision on sales tax receivables.