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RETRANSMISSION: HIVE Announces Quarterly Revenue of $32.2 Million, Adjusted EBITDA of $14.9 Million with an Increase in Bitcoin Holdings to 2,496 Bitcoin, 449 Bitcoin Mined and HPC Expansion
Vancouver, British Columbia--(Newsfile Corp. - August 13, 2024) - HIVE Digital Technologies Ltd. ...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"RETRANSMISSION: HIVE Announces Quarterly Revenue of $32.2 Million, Adjusted EBITDA of $14.9 Million with an Increase in Bitcoin Holdings to 2,496 Bitcoin, 449 Bitcoin Mined and HPC ExpansionVancouver, British Columbia--(Newsfile Corp. - August 13, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the \"Company\" or \"HIVE\") announces its results for the first quarter ended June 30, 2024 (all amounts in US dollars, unless otherwise indicated).Revenue from digital currency mining was $29.6 million this quarter from mining rewards of 449 Bitcoin, in addition to $2.6 million from the Company's high-performance computing (HPC) hosting operations, resulting in a gross operating margin1 of $11.4 million, or a 35% operating margin. The Company's SG&A for the quarter ended June 30, 2024, was $3.4 million, resulting in a positive corporate margin2 on a cash basis of $8.0 million. HIVE achieved an Adjusted EBITDA1 of $14.9 million for the quarter and net income of $4.2 million before tax.The Company grew its Bitcoin mining ASIC hashrate by 4% this quarter, from 4.7 Exahash in March 2024 to 4.9 Exahash in June 2024. HIVE ended the period with 2,496 Bitcoin on the balance sheet as of June 30, 2024, valued at $153.9 million. The Company notes that these Bitcoin are unencumbered, unleveraged and were all mined through HIVE's green energy focused operations.HIVE's production of 449 Bitcoin this quarter compared to 658 Bitcoin in the prior quarter ended March 31, 2024, is mainly a result of the Bitcoin Halving that occurs every four years with the most recent Halving on April 20, 2024. The Halving reduced the Company's block rewards from 6.25 Bitcoin to 3.125 Bitcoin during the period. The Company prepared for this Halving by upgrading its ASIC miners in the months leading up to and after the Halving, contributing to the positive results for this recent quarter reported.Frank Holmes, Executive Chairman of HIVE, emphasized, \"Our strategy to only source mega chunks of green energy has been a big challenge for rapid growth, but our expansion into Paraguay sourcing 100 MW will more than double our Bitcoin footprint over the next 12 months. Even though we operate in many countries, we have demonstrated a unique ability to keep our operations among the top performers in financial metrics. We believe there i...