Hive Digital Reports Growth in Revenue and Bitcoin Reserves

According to Odaily, data center infrastructure provider Hive Digital has reported an increase in earnings and revenue for the final quarter of 2024, driven by a record high in its Bitcoin reserves and the expansion of its high-performance computing (HPC) business. For the quarter ending December 31, Hive's revenue from cryptocurrency mining and HPC hosting services reached $29.2 million. The HPC segment generated $2.5 million in quarterly revenue, with an annualized run rate of $10 million. The company's adjusted earnings were $17.3 million, with a net income of $1.3 million after taxes. During this quarter, Hive mined 322 BTC, raising its 'hold' position to 2,805 BTC. By the end of the quarter, the value of its Bitcoin holdings was $260.8 million, marking a 263% increase year-over-year. Industry data indicates that Hive is among the 15 largest Bitcoin holders globally among publicly traded companies. According to Hive's Chief Financial Officer Darcy Daubaras, the company held $270.7 million in cash and cryptocurrencies at the end of the quarter.