HIVE Digital Technologies' mining revenue up 101.2% to $82.1 million

HIVE Digital Technologies, a publicly traded Bitcoin mining company, announced record revenue growth in its Q2 earnings report. The miner announced it realized 285% YoY revenue growth and 91% QoQ growth.

HIVE Digital Technologies has recorded massive revenue growth in its earnings report. The publicly listed Bitcoin mining company announced its financial results for the second quarter ended September 30, revealing record earnings of $87.3 million. The earnings represent a 91% surge QoQ and a 285% YoY from just $28.7 million in Q2 FY2025.

HIVE Digital Technologies’ mining revenue up 101.2% to $82.1 million

The miner adjusted its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) to $31 million, which reflected strong operational execution in its high-performance computing businesses and Bitcoin mining activities. The earnings report represents HIVE’s strongest dual engine growth since its inception. 

The company also reported that it had realized digital currency mining revenue of $82.1 million, up 101.2% sequentially and reflecting an 86.2% QoQ increase in average hashrate to 16.2 EH/s, along with slightly higher Bitcoin prices. The company’s Bitcoin production rose by 76.6% sequentially after mining 717 Bitcoin in the second quarter despite a 21.4% QoQ increase in network difficulty.

The company reported a GAAP net loss of $15.8 million, citing accelerated two-year depreciation of ASICs used in the miner’s expansion plan in Paraguay, as well as non-cash losses related to derivative revaluations and equity investments.

HIVE’s Executive Chairman, Frank Holmes, commented on the earnings report, stating that the company recorded revenue in both its digital currency mining and BUZZ HPC segments. He also emphasized the miner’s 285% year-over-year returns despite Bitcoin’s hash price only surging by 25% YoY.

The earnings report boosted the company’s share price, ending the trading day with a 7.55% gain and an additional 0.56% after-hours to $3.58. The company’s stock price is up 25% so far this year, but has since declined from a high of $6.96 achieved in early October. The stock declined in sync with Bitcoin’s recent meltdown as investors slowed down on high-risk trades and investments.

HIVE is among the Bitcoin miners that have recently recorded soaring revenues. United States-based Bitcoin mining company TeraWulf nearly doubled its third-quarter revenue this year due to Bitcoin’s price surge.

Bitdeer’s revenue also surged by 174% from the previous year to $169.7 million. The company reported that the expansion of its self-mining operations primarily drove the growth.

Crypto mining companies explore AI and data center infrastructure

Crypto mining companies are also switching their focus to the growth and development of artificial intelligence and its underlying infrastructures.

The companies are leveraging their high-performance computing (HPC) capabilities and repurposing part of their power capacity to meet the rapidly growing demand for computing power in AI development.

Aydin Kilic, HIVE’s President and CEO, highlighted in the earnings report that the company is accelerating its AI data center initiatives across Canada and Europe, laying the groundwork for Tier III+ facilities that can support hyperscale GPU deployments.

Bitfarms also announced on Thursday that it would restructure its resources by permanently closing its cryptocurrency mining operations over the next two years, redirecting resources to AI and data centers. 

The company’s CEO, Ben Gagnon, stated that the decision was best suited for most mining companies located in the U.S. The company said on Thursday that its 18-megawatt Bitcoin mining site in Washington will be the first to undergo conversion to support high-performance computing and AI. 

In August, U.S.-based crypto mining firm MARA Holdings announced a mega $168 million deal to acquire a 64% stake in Exaion, a subsidiary of France’s EDF. The company announced the purchase was meant to expand into low-carbon AI infrastructure. 

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