Core Insights - HIVE Digital Technologies Ltd. reported record revenue of $45.6 million for fiscal Q1 2026, driven by a 45% quarter-over-quarter increase in average hashrate to 8.9 EH/s, reflecting strong performance in Bitcoin mining and high-performance computing (HPC) operations [2][3][4]. Financial Performance - Total revenue reached $45.6 million, a significant increase from the previous quarter, with digital currency mining contributing $40.8 million, up 44.9% sequentially [4][5]. - Gross operating margin was $15.8 million, representing a margin of 34.7%, an increase from 28.2% in the previous quarter [4][5]. - Net income for the quarter was $35.0 million, primarily from realized and unrealized gains on digital currencies [5][8]. Mining Operations - The company mined 406 Bitcoin during the quarter, a 34% increase from the previous quarter, with an average mining difficulty increase of 10.2% [4][5]. - The average hashrate for Bitcoin mining increased from 5.9 EH/s in fiscal Q4 2025 to 8.7 EH/s in fiscal Q1 2026, marking a 47% increase [4][5]. HPC Business - HPC revenue reached a record $4.8 million, up 59.8% sequentially, driven by strong demand in high-performance computing markets [4][5]. - The company is expanding its HPC capabilities with the acquisition of a 7.2 MW Tier 3 data center in Toronto, expected to support 5,000 next-gen GPUs [8]. Strategic Outlook - HIVE aims to reach a hashrate of 25 EH/s by Thanksgiving 2025, positioning itself among the world's largest Bitcoin miners [8]. - The company is targeting $100 million in high-margin run-rate revenue from cloud computing and AI model training services by calendar year 2026 [8].

Core Insights - Block has launched new bitcoin mining hardware and software aimed at decentralizing and streamlining the bitcoin mining process [1][2] Product Overview - The new hardware, Proto Rig, is a modular bitcoin mining system that allows operators to upgrade individual hashboards quickly and without tools [2][3] - Proto Rig is positioned as a "10-year infrastructure investment" rather than a short-term asset [3] - The new software, Proto Fleet, is a free and open-source fleet management tool that integrates various functionalities historically requiring separate software [3][4] Operational Efficiency - Proto Fleet aims to help bitcoin miners streamline operations, maximize uptime, and reduce troubleshooting time [4] - The software is designed to modernize mining operations and improve efficiency [4] Strategic Focus - Block is transitioning resources towards its Bitkey self-custody bitcoin wallet service and bitcoin mining projects [4] - The company emphasizes making bitcoin more accessible and secure for everyday use [5] - Block's suite of products is focused on decentralizing the supply of mining hardware and the distribution of hashrate [5]

Mining Hardware Innovation - A modular Bitcoin mining machine named 'Proto Rig' has been created [1] - 'Proto Rig' delivers 1.5x more power per rack foot compared to other hardware [1] Industry Impact - The innovation is attributed to Twitter founder Jack Dorsey [1]

Bitcoin Mining - Jack Dorsey's Block is developing a Bitcoin mining machine [1] - The development aims to further decentralize Bitcoin mining [1] Technology - The machine's specifications and release date are currently unknown [1] Market Impact - The project could potentially impact the Bitcoin mining hardware market [1]

Bitcoin Mining - Jack Dorsey's Bitcoin mining machine is under development [1] Industry Focus - The industry is closely watching the development of new Bitcoin mining technologies [1]

Introducing Proto: The future of bitcoin mining https://t.co/01nq3k9OYQ ...

Financial Data and Key Metrics Changes - For Q2 2025, total revenue was $1,900,000, down from $2,400,000 in Q1 2025, primarily due to lower Bitcoin production and curtailments during peak summer months [11] - The average Bitcoin price in Q2 2025 was approximately $98,100, compared to $93,600 in Q1 2025 [11] - Mining margins improved to 41% in Q2 from 38.5% in Q1, supported by the transition to a lower-cost facility [12] - Net income for Q2 was approximately $60,000, a significant improvement from a net loss of $5,400,000 in Q1 2025 [12] - Core EBITDA for Q2 was $2,600,000, compared to a negative $2,800,000 in Q1 2025 [12] Business Line Data and Key Metrics Changes - The company mined 18.4 Bitcoin in Q2, a slight decrease from Q1 due to miner relocations and curtailments [7] - The strategic transition to a fully integrated model allowed for curtailment and energy sales to generate approximately $223,000 in Q2, offsetting lower Bitcoin production [7] Market Data and Key Metrics Changes - The company ended Q2 with 155.5 Bitcoin valued at $16,700,000, translating to about $3.25 Bitcoin per share based on June 30 prices [8] - By the end of July, Bitcoin holdings decreased to 150.4 Bitcoin valued at $17,800,000, or $3.46 per share [8] Company Strategy and Development Direction - The acquisition of an 11 megawatt Bitcoin mining site in Mississippi for $3,900,000 is expected to enhance the company's capacity to 26 megawatts, accelerating growth and maximizing ROI [5][14] - The company is focused on vertical integration to reduce power costs and optimize fleet efficiency, with plans for further expansion in Oklahoma [9][14] - The company remains committed to its Bitcoin treasury strategy, emphasizing long-term accumulation despite market volatility [15][16] Management's Comments on Operating Environment and Future Outlook - Management expects curtailment revenue to trend lower as seasonal temperatures moderate, leading to increased Bitcoin production and fleet efficiency [15] - The company highlights a disconnect between its balance sheet and market value, with a net book value of $31,900,000 and a fully diluted market cap of $14,700,000 as of June 30 [16] Other Important Information - The company has made progress on a two megawatt immersion-based expansion in Oklahoma, expected to be completed by the end of the year [6] - The company strategically sold a portion of its Bitcoin holdings to support operations and fund expansion projects while maintaining a long-term accumulation strategy [12] Q&A Session Summary Question: Inquiry about the deployment of machines in Mississippi - The company confirmed that the total capacity will be 26 megawatts, with 11.5 megawatts in Oklahoma and 7 megawatts in Mississippi once operational [19][20] Question: Plans for new miner purchases - The company indicated that additional miners will need to be acquired to fill out the capacity in Mississippi, but specifics are not yet determined [21]

Operating & Financial Results Second Quarter 2025 August 14, 2025 Chairman & CEO CFO Nangeng Zhang Jin "James" Cheng 1 Safe Harbor Statement This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"), including adjusted EBITDA (including adjusted EBITDA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS and cash flow. These non-GAAP measures should be considered in addition to, and not as a sub ...

HPC Infrastructure and Capacity - TeraWulf expects to deploy 150-200 MW of new HPC capacity per year[4] - The company has 1,150 MW of scalable capacity across purpose-built sites[4] - 800-850 MW of capacity is available for future contracts across two sites[5,9] - Cayuga site unlocks 400 MW of scalable HPC capacity[11] - Total capacity is 1,150 MW (gross), with 750 MW at Lake Mariner and 400 MW at Cayuga[36] Key Contracts and Financial Highlights - TeraWulf has a 10-year, $3.7 billion hyperscale lease with Fluidstack, with Google backstopping $1.8 billion of Fluidstack's lease obligations[11,12] - The company has a contract with Core42 for 72.5 MW, which is expected to be online in 2025[5] - Q2 2025 revenue was $47.6 million, with a non-GAAP adjusted EBITDA of $14.5 million[24] - End of period hash rate reached 12.2 EH/s, representing a 53% increase year-over-year[24] - Bitcoin mined in Q2 2025 totaled 485, implying 5.3 BTC per day, up 29% quarter-over-quarter[24] Financial Position - Cash and cash equivalents totaled $90 million at the end of Q2 2025[24] - Net debt was $410 million, including $500 million in convertible notes issued in October 2024[24] - The company projects a fixed operating cost range of $84–$94 million for 2025[38]

⚡️ NEW: Jack Dorsey claims Proto has outperformed China in $BTC mining chip design. https://t.co/YEqTgffwC3 ...