HIVE’s Bitcoin output jumps 49%, but mining revenue still falls
Summary
HIVE Digital Technologies mined 1,070 Bitcoin in the September quarter, up 49% year over year, but mining revenue fell 7.4% to $76 million as lower Bitcoin prices outweighed higher production. Electricity costs rose to $45.6 million, and the company recorded a $31.2 million equipment write-down. HPC hosting revenue grew 71% to $8.8 million. HIVE plans to spend up to $493 million over three years expanding HPC operations and about $35 million converting its Toronto facility into a data center, while continuing mining expansion in Paraguay. Fiscal second-quarter revenue was $84.9 million, above estimates, but HIVE reported a $78.7 million GAAP net loss; shares slipped after hours.
