Bitcoin Miner HIVE Digital Scores 285% Revenue Pump Thanks To BTC Expansion

Core Insights - HIVE Digital Technologies reported record revenue of $87.3 million for the second quarter, a 285% increase year-over-year, driven by aggressive Bitcoin mining expansion and high-performance computing demand [1] - Despite the revenue surge, the company faced a net loss of $15.8 million due to accelerated equipment depreciation from its rapid buildout in Paraguay [1] Financial Performance - Bitcoin mining revenue more than doubled to $82.1 million for the quarter ending September 30, reflecting a 101% sequential increase and an 86% rise in average hashrate to 16.2 EH/s [3] - The company mined 717 Bitcoin during the quarter, despite a 21% increase in network difficulty [3] - HIVE maintained gross operating margins of 49% after direct costs of $42.1 million, with energy costs accounting for approximately 88% of those expenses [4] - The company generated $132.9 million in revenue for the six months ending September 30 while maintaining a debt-free balance sheet [5] Strategic Initiatives - HIVE's growth is attributed to its dual-engine strategy, combining Bitcoin operations with its BUZZ HPC division, targeting annualized Bitcoin mining revenue of approximately $400 million by achieving an operational hashrate of 25 exahashes per second by November 2025 [2] - The BUZZ HPC segment achieved record revenue of $5.2 million, a 175% year-over-year increase, with a target of approximately $140 million in annualized revenue by Q4 2026 at roughly 80% gross margins [7] Infrastructure Development - HIVE completed a 300-megawatt capacity buildout in Paraguay, increasing its global hydro-powered data center capacity to 540 MW, with plans for an additional 400 MW in Paraguay [6] - The company is retrofitting its 70 MW Grand Falls campus in New Brunswick into a Tier III+ liquid-cooled facility to support approximately 25,000 next-generation GPUs [6]