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HIVE Digital has reported grounds revenues for its latest quarter, spurred by rising Bitcoin prices and an enlargement of its mining fleet.
Bitcoin miner HIVE Digital Technologies roseate aft reporting grounds gross for its astir caller quarter, adding to the sector’s wins from Bitcoin’s mid-year gains.
HIVE said connected Monday that it had “record revenue” for the 4th ending Sept. 30 of $87.3 million, up 285% from the aforesaid clip a twelvemonth agone and astir doubling quarter-over-quarter.
The institution reported a nett nonaccomplishment of $15.8 cardinal for the quarter, which it attributed to “driven by accelerated two-year depreciation” of Bitcoin (BTC) mining machines utilized successful its enlargement efforts successful Paraguay.
“Despite Bitcoin hashprice being up lone astir 25% year-over-year, our gross soared 285% year-over-year owed to our assertive hashrate expansion,” said HIVE enforcement president Frank Holmes.
HIVE is the latest crypto miner to study a gross summation past quarter, which saw Bitcoin ascent from astir $107,000 astatine the commencement of July to a highest of implicit $123,500 by mid-August.
Bitcoin past went connected to scope a highest precocious of implicit $126,000 by aboriginal October, but has since fallen 28% to concisely dip nether $90,000 aboriginal connected Tuesday.
HIVE shares ascent connected revenue
Shares successful HIVE Digital (HIVE) ended trading connected Monday astatine a summation of 7.55% and continued rising by 0.56% aft hours to $3.58.
Shares successful HIVE roseate connected Monday connected the company’s quarterly results. Source: Google FinanceHIVE has gained 25% truthful acold this year, but the banal has dropped from a 2025 highest of $6.96 successful aboriginal October, falling successful tandem with Bitcoin arsenic investors merchantability retired of riskier assets.
The institution reported that its Bitcoin mining revenue for the 4th doubled from a twelvemonth agone to $82.1 million, and it mined 717 BTC contempt an “increase successful web difficulty.”
Related: 95% of Bitcoin has present been mined: Here’s wherefore it’s important
Other Bitcoin miners reporting soaring revenues for the Sept. 30 4th see Bitdeer, which reported connected Nov. 10 that its revenues climbed 174% implicit the twelvemonth to $169.7 million, portion TeraWulf reported the aforesaid time that its revenues jumped 87% year-over-year to $50.6 million.
Many Bitcoin miners person besides begun to displacement their operations toward powering artificial intelligence, and HIVE’s AI-focused computing limb achieved a grounds quarterly gross of $5.2 million, representing a 175% summation from the aforesaid play past year.
Bitfarms announced connected Thursday that it would shut down its cryptocurrency mining concern implicit the adjacent 2 years and pivot to AI, with its CEO, Ben Gagnon, stating that it was the champion enactment for astir US-based miners.
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