2024

Bitcoin

HIVE Digital Technologies has reported an 8% increase in annual revenue, reaching $114.5 million, for the fiscal year ending March 31, 2024. This marks a significant improvement following a challenging year for digital assets. The <a href="https://ultramining.com/news/en/terawulf-soars-to-record-revenue-with-330-btc-mined-in-july-2023/" rel="noopener noreferrer nofollow">company mined</a> 3,123 Bitcoin and held 2,287 Bitcoin, valued at $161.3 million at year-end, according to <a href="https://www.financemagnates.com/cryptocurrency/crypto-miner-hive-sees-8-revenue-growth-expands-into-ai-computing/" rel="noopener noreferrer nofollow">Financemagnates</a>.
The revenue boost stems from HIVE's strategic expansion into high-performance computing (HPC) and AI. The company generated $111.0 million from digital currency mining and $3.4 million from HPC. Notably, HIVE increased its Bitcoin mining ASIC <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> by 57%, from 3.0 EH/s in March 2023 to 4.7 EH/s in March 2024, utilizing green energy sources in <a href="https://ultramining.com/news/en/alberta-stanovitsya-centrom-majninga-v-kanade-2/" rel="noopener noreferrer nofollow">Canada</a>, Sweden, and Iceland.
Despite a net loss of $51.2 million, HIVE highlighted that significant non-cash charges, such as $66.4 million in depreciation, influenced the loss. Excluding these charges, the company reported a comprehensive income of $25.0 million due to a $77.3 million gain from the revaluation of digital currencies.
Aydin Kilic, President &amp; CEO, emphasized HIVE's low general and administrative (G&amp;A) expenses and minimal share dilution. He noted the company's focus on maintaining high uptime and lean operations. Frank Holmes, Executive Chairman, pointed out the industry's growth, with over 20 public Bitcoin mining <a href="https://ultramining.com/news/en/crypto-mining-stocks-outshine-bitcoins-performance-in-2023/" rel="noopener noreferrer nofollow">stocks</a> now available compared to five at the last <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a>.
HIVE also made strides in AI computing, generating $7.2 million in annualized run-rate revenue by year-end, leveraging Nvidia <a href="https://ultramining.com/news/en/kaspa-takes-the-lead-in-gpu-mining-sets-sights-on-transforming-pow-landscape/" rel="noopener noreferrer nofollow">GPU</a> chips for AI applications. The company raised C$38.1 million ($28.2 million) through at-the-market (ATM) equity programs in Q4 2024, using the proceeds for data center equipment, strategic investments, and working capital.&nbsp;
The company continues to navigate the fluctuating Bitcoin market, with stocks hitting two-month highs in March 2024 before falling again by May. Despite these challenges, HIVE's diversification into AI and focus on sustainability positions it well for future growth.&nbsp;

HIVE Sees Revenue Growth and Expands into AI Computing in Fiscal 2024

Ultramining_Eng

Andre artikler publisert på 26. juni 2024

As Brett, Floki, and Pepe Decline, Sealana Promises Massive Returns at Launch

Meme Coin DORAE Plummets; Developer Suspected of Rug Pull

US Politicians Face Consequences for Targeting Cryptocurrencies

Meme Coins, Real World Assets, and AI Dominate the First Half of 2024

Ethereum for Taxes? Dogecoin Creator Says Yes

Pepe rises as Layer 2 token Pepe Unchained emerges as new contender

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!