Bitcoin miner HIVE Digital reports $29.2M in Q3 revenue, BTC holdings surge 263% YoY

Bitcoin mining company HIVE Digital Technologies Ltd on Tuesday posted a total revenue of $29.2 million for the third quarter of its fiscal year 2025, ending December 31, 2024.

The company, known for its focus on Bitcoin mining and high-performance computing (HPC), posted a total revenue of $29.2 million, driven primarily by its Bitcoin mining operations and cloud computing services.

HIVE mined 322 BTC during the quarter. This helped the company grow its total Bitcoin holdings to 2,805 BTC, valued at approximately $260.8 million at the end of the period, using a Bitcoin price of $93,400.

"We ended calendar year 2024 with a record Bitcoin HODL of 2,805 Bitcoin valued at over $260 million. This represents a 263% year-over-year increase from $72 million of Bitcoin on our balance sheet at the end of December 2023,” said HIVE Digital executive chairman Frank Holmes.

The company also maintained strong profitability, with an adjusted EBITDA of $17.3 million and a net income of $1.3 million.

High-performance computing business grows

While Bitcoin mining remains the company’s primary revenue driver, HIVE’s HPC division is growing rapidly. The company reported quarterly HPC revenues of $2.5 million, leading to an annualized revenue run rate of $10 million.

"We are excited to continue to grow our high-performance computing revenue with our new NVIDIA H100 and H200 clusters. These are projected to deliver $20 million of high-margin run-rate revenue for cloud computing and AI model training services by Q2 2025,” noted CEO Aydin Kilic.

HIVE is expanding its Bitcoin mining operations in Paraguay with a 300 MW expansion project that aims to significantly boost its computing power.

The company plans to increase its mining hashrate from 6 exahashes per second (EH/s) to 25 EH/s by September 2025. Hashrate, measured in exahashes per second, represents the total computational power used to mine Bitcoin. A higher hashrate increases a miner’s ability to secure the network and earn block rewards.

HIVE’s expansion will roll out in two phases. Phase 1, scheduled for completion by April 1, 2025, will add 6 EH/s of capacity, while Phase 2, expected to be completed by August 31, 2025, will introduce an additional 6.5 EH/s using hydro-cooled ASIC miners.