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HIVE posts a $78.7 million quarterly loss as bitcoin mining revenue slips and it chases a $45 million-a-year AI deal in Sweden
Summary
Bitcoin miner HIVE Digital Technologies reported a $78.7 million net loss for its fiscal second quarter ended Sept. 30, versus a $15.8 million loss a year earlier, on revenue of $84.9 million, down 2.7%, The Block reported.
HIVE mined 1,070 BTC, up 49% from a year earlier, but mining revenue fell to $76 million from $82.1 million as bitcoin averaged $71,003 in the quarter against $114,382 a year before, and it booked a $31.2 million impairment on mining equipment, according to The Block.
Both outlets said HIVE has about $185 million in contracted GPU-cloud annualized run-rate revenue, of which only about $40 million is live.
Decrypt reported that HIVE says its 32-megawatt Big Boden site in Sweden could bring in $45 million a year from an AI colocation lease, but the June letter of intent is still nonbinding while terms and financing are negotiated.
Key facts
- The Block: the BUZZ HPC business brought in $8.8 million, up 70.7% from $5.2 million a year earlier.
- The Block: CEO Aydin Kilic said HIVE secured $129 million in financing for the Bell/Cohere GPU purchase and ended September with $139 million in cash and $22.6 million in digital currencies.
- Both outlets: HIVE targets about $700 million in total HPC annualized revenue by the end of 2028; Decrypt notes that figure includes projects still needing financing, construction and customers.
- Decrypt: Kilic said "We do not want to rush into a deal just for the sake of reporting new top-line revenue," and HIVE plans to retrofit Boden for up to 10,000 Nvidia GB300 GPUs.
- The Block: HIVE operates about 440 MW and expects to energize another 100 MW in Yguazú, Paraguay, in the fourth quarter.
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