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RETRANSMISSION: HIVE Digital Announces Quarterly Revenue of $23.6 Million, Gross Operating Margin of $8.0 Million and Achieves Adjusted EBITDA of $5.3 Million for the Quarter and the Purchase of 2,000 Bitmain S19 XP ASIC Miners for Immediate Deployment
This news release constitutes a "designated news release" for the purposes of the Company's prosp...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"RETRANSMISSION: HIVE Digital Announces Quarterly Revenue of $23.6 Million, Gross Operating Margin of $8.0 Million and Achieves Adjusted EBITDA of $5.3 Million for the Quarter and the Purchase of 2,000 Bitmain S19 XP ASIC Miners for Immediate DeploymentThis news release constitutes a \"designated news release\" for the purposes of the Company's prospectus supplement dated May 10, 2023 to its short form base shelf prospectus dated May 1, 2023.Vancouver, British Columbia--(Newsfile Corp. - August 11, 2023) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the \"Company\" or \"HIVE\"),a leading digital asset miners and \"green\" focused data center builder and operator, announced today its earnings report for the first quarter ended June 30, 2023 (all amounts in US dollars, unless otherwise indicated).HIVE achieved revenue of $23.6 million this quarter by mining 834 Bitcoin with a 34% Gross Operating Margin representing $8.0 million of income from operations.The Company notes that HIVE's production of 834 Bitcoin this quarter represents an increase of 1.6% year-over-year, having mined 821 Bitcoin last year, reflecting a continued growth in our operating hashrate. This is in large part a result of the completion of its New Brunswick data center campus, spanning over four buildings including its own substation, transformers, and electrical infrastructure. This large increase in the quantity of Bitcoin production was achieved notwithstanding an increase in mining network difficulty of approximately 60% and a decline in Bitcoin prices of 50% at different points in the preceding 12 months.Frank Holmes, HIVE's Executive Chairman, stated, \"We wish to again thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin. We are disappointed that the higher margin from mining Ethereum gone, however our HPC strategy is now growing rapidly on a month over month basis. We are happy to report that our robust growth is scalable and could potentially increase 10x fold over the next year. Demand for our high-quality chips has risen due to the huge global demand for AI projects like ChatGPT, medical research, machine learning and rendering. Further, HIVE was the first to use its software to help balance the electrical grid and resell back energy whenever there is a spike in demand. This strategy has...