Crypto Miner HIVE Sees 8% Revenue Growth, Expands Into AI Computing
HIVE Digital Technologies, a cryptocurrency mining company, reported a positive fiscal year in 2024, with an annual revenue of $114.5 million and adjusted EBITDA of $37.5 million.
The company mined 3,123 Bitcoin and held 2,287 Bitcoin worth $161.3 million on its balance sheet at year-end.
Revenue increased by approximately 8% compared to the previous fiscal year, with $111.0 million generated from digital currency mining and $3.4 million from its high-performance computing (HPC) business.
HIVE achieved a gross operating margin of $40.3 million, representing a 36% operating margin. Despite reporting a net loss of $51.2 million for the year, HIVE emphasized that this figure includes significant non-cash charges such as $66.4 million in depreciation and a $6.8 million provision on sales tax receivables.
The company noted a comprehensive income of $25.0 million when factoring in a $77.3 million gain from the revaluation of digital currencies.
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