Bitcoin miner HIVE Digital Technologies rose after reporting record revenue for its most recent quarter, adding to the sector’s wins from Bitcoin’s mid-year gains.
HIVE said on Monday that it had “record revenue” for the quarter ending Sept. 30 of $87.3 million, up 285% from the same time a year ago and nearly doubling quarter-over-quarter.
The company reported a net loss of $15.8 million for the quarter, which it attributed to “driven by accelerated two-year depreciation” of Bitcoin (BTC) mining machines used in its expansion efforts in Paraguay.
“Despite Bitcoin hashprice being up only about 25% year-over-year, our revenue soared 285% year-over-year due to our aggressive hashrate expansion,” said HIVE executive chairman Frank Holmes.
HIVE is the latest crypto miner to report a revenue increase last quarter, which saw Bitcoin climb from around $107,000 at the start of July to a peak of over $123,500 by mid-August.
Bitcoin then went on to reach a peak high of over $126,000 by early October, but has since fallen 28% to briefly dip under $90,000 early on Tuesday.
HIVE shares climb on revenue
Shares in HIVE Digital (HIVE) ended trading on Monday at a gain of 7.55% and continued rising by 0.56% after hours to $3.58.
Shares in HIVE rose on Monday on the company’s quarterly results. Source: Google FinanceHIVE has gained 25% so far this year, but the stock has dropped from a 2025 peak of $6.96 in early October, falling in tandem with Bitcoin as investors sell out of riskier assets.
The company reported that its Bitcoin mining revenue for the quarter doubled from a year ago to $82.1 million, and it mined 717 BTC despite an “increase in network difficulty.”
Related: 95% of Bitcoin has now been mined: Here’s why it’s important
Other Bitcoin miners reporting soaring revenues for the Sept. 30 quarter include Bitdeer, which reported on Nov. 10 that its revenues climbed 174% over the year to $169.7 million, while TeraWulf reported the same day that its revenues jumped 87% year-over-year to $50.6 million.
Many Bitcoin miners have also begun to shift their operations toward powering artificial intelligence, and HIVE’s AI-focused computing arm achieved a record quarterly revenue of $5.2 million, representing a 175% increase from the same period last year.
Bitfarms announced on Thursday that it would shut down its cryptocurrency mining business over the next two years and pivot to AI, with its CEO, Ben Gagnon, stating that it was the best option for most US-based miners.
Magazine: Big Questions: Did a time-traveling AI invent Bitcoin?
Source: https://cointelegraph.com/news/hive-shares-gain-record-quarterly-revenue?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
