According to Odaily, data center infrastructure provider Hive Digital has reported an increase in earnings and revenue for the final quarter of 2024, driven by a record high in its Bitcoin reserves and the expansion of its high-performance computing (HPC) business. For the quarter ending December 31, Hive's revenue from cryptocurrency mining and HPC hosting services reached $29.2 million. The HPC segment generated $2.5 million in quarterly revenue, with an annualized run rate of $10 million. The company's adjusted earnings were $17.3 million, with a net income of $1.3 million after taxes.
During this quarter, Hive mined 322 BTC, raising its 'hold' position to 2,805 BTC. By the end of the quarter, the value of its Bitcoin holdings was $260.8 million, marking a 263% increase year-over-year. Industry data indicates that Hive is among the 15 largest Bitcoin holders globally among publicly traded companies. According to Hive's Chief Financial Officer Darcy Daubaras, the company held $270.7 million in cash and cryptocurrencies at the end of the quarter.
