Hive Digital Technologies strongly reports revenue for the third quarter of 201025, driven by Bitcoin mining and high-performance computing services.
Canadian Crypto Mining Firm Hive Digital Technologies showed strong growth, up 2.57% on Wednesday after revealing its results for the third quarter of fiscal year 2025. In a press release Tuesday, the Vancouver-based company reported a total revenue of $29.2 million driven by both Bitcoin (BTC) mining and high-performance computing services.
During the quarter, the Hive mined 322 BTC and increased its crypto holdings to 2,805 BTC, worth $260 million. This figure shows an increase of 263% from 2024. This is described as a “record” milestone by Frank Holmes, executive chairman of the Hive.
Meanwhile, the company's HPC business reached a run rate of $10 million per year, bringing in revenue of $2.5 million in quarter. Hive's operating margin was $6.1 million. Despite the harsh environment, Hive's smart spending strategy helped to record net profits of $1.3 million in the quarter, a major shift from last year's $7 million loss. The company is currently expanding its Paraguay site to increase its Bitcoin mining capabilities.
In January, Hive signed millions of contracts to acquire Paraguay's 200 MW mining site, with plans to achieve 25 EH/s by September. As reported by Crypto.News, the facility called Iguaz will be developed in two phases. The first phase (already 80% complete) will be set to live by the second quarter, adding six EH/s, and the second EH/S (expected by August) will be the BitMain S21+ Hydro- Contributes an additional 6.5 EH/s using Cooled Asics.
