Business
HIVE Digital Announces Quarterly Revenue of $31.3 Million with a Gross Operating Margin of $11.3 Million and Production of 830 Bitcoin
This news release constitutes a "designated news release" for the purposes of the Company's amend...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"HIVE Digital Announces Quarterly Revenue of $31.3 Million with a Gross Operating Margin of $11.3 Million and Production of 830 BitcoinThis news release constitutes a \"designated news release\" for the purposes of the Company's amended and restated prospectus supplement dated August 17, 2023, to its short form base shelf prospectus dated May 1, 2023.Vancouver, British Columbia--(Newsfile Corp. - February 13, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the \"Company\" or \"HIVE\"), a leading digital asset miner and \"green\" focused data center builder and operator, announced today its earnings report for the third quarter ended December 31, 2023 (all amounts in US dollars, unless otherwise indicated).HIVE achieved revenue of $30.1 million this quarter by mining 830 Bitcoin with a 38% Gross Operating Margin representing $11.3 million of income from digital currency mining operations. This also represents a 146% increase in Gross Operating Margin from the previous quarter of $4.6 million. This quarter, Bitcoin mining economics were stronger due to the rally in Bitcoin, possibly as a result of the news surrounding the Bitcoin ETFs in the United States and subsequent SEC approval on January 10, 2024. Additionally, the Company realized $0.9 million of revenue this quarter from the GPU powered High Performance Computing (\"HPC\") business unit, where the Company's GPUs are utilized for AI computations, including inference and fine-tuning of large language models (LLMs).The Company notes that HIVE's production of 830 Bitcoin this quarter represents an increase of 5% year-over-year, having mined 787 Bitcoin in the same period last year. This is a result of increasing HIVE's global hashrate to over 4 Exahash per second (\"EH/s\"), while there was an increase in Bitcoin mining network difficulty of approximately 82%, which suggests more miners are competing with more efficient equipment than in the past for the same daily opportunity of 900 Bitcoin. Accordingly, earning 9 Bitcoin per day equates to having 1% of the hashrate of the entire Bitcoin mining network. On average this quarter HIVE mined 9.0 Bitcoin per day. HIVE had an average operating hashrate of 4.01 EH/s for this quarter, representing a 10% increase over the average hashrate from the previous quarter of 3.66 EH/s.\"At this stage in the four-...