HIVE Digital aims to quadruple its hashrate by September 2025, which could put it in the top 10 public Bitcoin miners by volume. At the same time, the company is targeting $100 million in annual revenue in the HPC space. Is this small-scale miner a missed opportunity?
HIVE Digital aims to expand and grow HPC revenue
This guest post is provided by Bitcoinminingstock.io, a one-stop platform for bitcoin mining stock information, educational resources, and industry insights. The article was first published on February 27, 2025 by Bitcoinminingstock.io author Cindy Feng.
For a long time, attention has focused on the big Bitcoin mining companies, but what about the smaller players? This year, I’m launching a new series dedicated to the small-scale miners that often fly under the radar. Some of these companies could be future leaders, while others may struggle to survive. Understanding their potential now can help identify hidden opportunities or learn valuable lessons. In this series, I’ll take a close look at their business fundamentals, financials, strategic directions, and market positioning, giving you a clear and unbiased view of their strengths, weaknesses, and investment potential.
First up : Hive Digital Technologies , a diverse Bitcoin miner that operates in both mining and high-performance computing (HPC).
Company overview
Hive Digital Technologies (TSX.V: HIVE; NASDAQ: HIVE) is a publicly traded data center operator focused on digital asset mining and high-performance computing. In December 2024, the company announced that it would be moving its headquarters to San Antonio, Texas, United States. The company has data centers in various locations, including Canada, Sweden, and soon Paraguay . It is known for its commitment to green energy, primarily relying on hydroelectric and geothermal sources to power its operations.
Business Directions
- Mining Operations : The company operates a total hashing power of 6 EH/s (as of January 31, 2025), with an ambitious expansion plan aimed at reaching 25 EH/s by September 2025.
HIVE aims to quadruple hashrate by September 2025 (screenshot from company presentation)
- HPC and AI Computing : HIVE was one of the first public miners to actively engage in the HPC space, leveraging its experience mining Ethereum on GPUs. Back in 2023, the company reported revenue of $1.61 million from HPC hosting. The company currently continues to use its existing data centers in Montreal, Canada and Stockholm, Sweden for HPC services. Additionally, HIVE plans to offer GPU server rentals through market aggregators and explore a new cloud service offering.
Financial performance: revenue decline and profitability growth
Notes: HIVE presents financial comparisons over different time periods in its latest report. The income statement is based on a typical year-over-year comparison (December 31, 2024 vs. December 31, 2023), while the balance sheet is compared to March 31, 2024. The cash flow statement, however, uses a nine-month comparison (December 31, 2024 vs. December 31, 2023). To ensure consistency and facilitate meaningful analysis, this report primarily focuses on year-over-year comparisons where possible.
In the third fiscal quarter of 2025 (October 1 – December 31, 2024), HIVE Digital Technologies saw a year-over-year decline in revenue. The main reason for the decline was the reduction in BTC production as a result of the Bitcoin halving in April 2024. However, the company shows a significant turnaround with net income ($1.27 million vs. -$6.95 million), which is attributed to the increase in Bitcoin prices, the increase in HPC business, and cost optimization.
Income Statement Key Figures
- Revenue: $29.2 million (-6.5% YoY) compared to $31.3 million in Q3 2024. This decline was a result of lower Bitcoin mining revenue (-11.3% YoY) due to lower production (322 BTC vs. 830 BTC in Q3 2024) following the Bitcoin halving in April 2024. However, the rise in Bitcoin prices and significant
Source: cryptonews.net
