HIVE Digital Technologies, a Canadian crypto mining firm, saw its shares rise 2.57% on Wednesday following the release of its third-quarter results for fiscal year 2025, which showed impressive growth across its operations. In a press release issued on Tuesday, the Vancouver-based company reported total revenue of $29.2 million for the quarter, driven by both Bitcoin mining and high-performance computing (HPC) services.
During Q3, HIVE successfully mined 322 BTC, bringing its total Bitcoin holdings to 2,805 BTC, valued at approximately $260 million. This represents a remarkable 263% increase in Bitcoin reserves compared to 2024, marking a record milestone for the company, according to Frank Holmes, HIVE’s executive chairman.
Growth in HPC and Profitable Turnaround
In addition to its Bitcoin mining operations, HIVE’s high-performance computing (HPC) business also showed significant progress, hitting an annualized run rate of $10 million. The HPC segment contributed $2.5 million to the company’s quarterly revenue.
HIVE’s operating margins were strong, at $6.1 million, and the company’s smart financial strategies helped it achieve a net income of $1.3 million for the quarter— a stark turnaround from a loss of $7 million during the same period last year.
Expansion Plans and Paraguay Mining Site
Looking ahead, HIVE is focused on expanding its Bitcoin mining capacity. In January, the company signed a multi-million-dollar deal to acquire a 200 MW mining site in Paraguay. This facility, known as Yguazú, is set to be developed in two phases. The first phase, now 80% complete, is expected to go live by Q2 2025, adding 6 EH/s (exahashes per second) to HIVE’s mining capacity. The second phase, which is expected to be completed by August 2025, will contribute an additional 6.5 EH/s, utilizing Bitmain’s S21+ hydro-cooled ASICs.
With this expansion, HIVE is targeting a total mining capacity of 25 EH/s by September 2025, marking a significant boost in its operations. The company’s continued growth in both Bitcoin mining and HPC services positions it well for the future as it looks to capitalize on increasing demand in the crypto and computing sectors.
