Odaily News Data center infrastructure provider Hive Digital reported higher earnings and revenue in the final quarter of 2024, helped by record highs in its Bitcoin reserves and expanding high-performance computing (HPC) business.
Hive’s revenue from crypto mining and HPC hosting services reached $29.2 million in the quarter ended Dec. 31. Its HPC business generated $2.5 million in quarterly revenue, an annualized run rate of $10 million.
The company had adjusted earnings of $17.3 million and net income after taxes of $1.3 million.
Hive mined 322 BTC in the quarter, increasing its “holding” position to 2,805 BTC. As of the end of the quarter, the value of BTC on its books was $260.8 million, a year-on-year increase of 263%.
Among publicly traded companies, Hive is one of the world’s 15 largest Bitcoin holders, according to industry data. According to Hive CFO Darcy Daubaras, the company ended the quarter with $270.7 million in cash and cryptocurrencies. (Cointelegraph)