Hive Digital Technologies Chief Financial Officer Darcy Daubaras joined Steve Darling from Proactive to share news the company generated $22.6 million in revenue for Q2 2024, primarily from digital currency mining and high-performance computing (HPC) hosting services. The HPC sector has been a growing focus for Hive, now at an annualized run rate of $9.0 million, enhancing the company’s position in the HPC market.
During the quarter, Hive successfully mined 340 Bitcoin, further bolstering its substantial digital asset holdings. As of September 30, the company held $165.2 million in digital assets, including 2,604 Bitcoin, aligning with its strategy to strengthen its HODL position. Using a Bitcoin price of $63,300 at quarter-end, Hive’s reserves have doubled over the past year. The company reported an Adjusted EBITDA of $5.6 million, signaling strong operational management and financial performance.
Hive’s dedication to green energy use in digital currency mining also positions it favorably as global regulatory frameworks around digital assets become more supportive. Looking ahead, Hive aims to reach 2% of the global Bitcoin mining network by late 2025, reflecting its commitment to sustainable growth and leadership in the evolving digital asset industry.