HIVE Digital has reported record revenues for its latest quarter, spurred by rising Bitcoin prices and an expansion of its mining fleet.
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.