HIVE’s Bitcoin Output Jumps 49%, but Mining Revenue Still Falls

{"heading_1":"HIVE’s Q3 Performance","paragraph_1":"HIVE Digital Technologies reported a 49% increase in Bitcoin output in the third quarter, producing 1,070 Bitcoin compared to 718 in the same period last year.","paragraph_2":"However, the company's mining revenue fell by 7.4% to $76 million, despite the higher production. This is due to the lower average price of Bitcoin, which dropped from $114,382 to $71,003.","paragraph_3":"The company also noted a $31.2 million noncash write-down on mining equipment, citing 'depressed mining economics.'","paragraph_4":"HIVE’s AI hosting business, on the other hand, grew by 71%, contributing 10.4% of the company's quarterly revenue.","paragraph_5":"The company plans to spend up to $493 million over 36 months to expand its HPC operations, including acquiring land, building out data center infrastructure, and buying up GPUs."}