Bitcoin mining company HIVE Digital Technologies saw its stock price rise after announcing record revenue for the latest quarter, further benefiting from the industry's positive momentum driven by Bitcoin's mid-year surge.
HIVE stated on Monday that it achieved "record revenue" of $87.3 million for the quarter ending September 30, a year-over-year increase of 285% and nearly doubling from the previous quarter.
The company reported a net loss of $15.8 million for the quarter, attributed to accelerated two-year depreciation of Bitcoin mining equipment used for expansion in Paraguay.
HIVE Executive Chairman Frank Holmes stated, "Although the price of Bitcoin hash rate increased by only about 25% year-over-year, our revenue surged by 285% due to our significant expansion of hash rate."
HIVE is the latest cryptocurrency mining company to report revenue growth for the last quarter. During that quarter, Bitcoin rose from approximately $107,000 in early July to a peak of over $123,500 in mid-August.
Subsequently, Bitcoin reached a new high of over $126,000 in early October but has since fallen by 28%, briefly dipping below $90,000 on Tuesday morning.
HIVE Digital (HIVE) shares closed up 7.55% on Monday and continued to rise 0.56% in after-hours trading to $3.58.
So far this year, HIVE has seen a cumulative increase of 25%. However, since reaching a 2025 high of $6.96 in early October, the stock has declined in tandem with Bitcoin as investors sold off risk assets.
The company disclosed that Bitcoin mining revenue doubled year-over-year to $82.1 million for the quarter, mining 717 Bitcoins despite "increased network difficulty."
Other Bitcoin mining companies that reported significant revenue growth for the quarter ending September 30 include Bitdeer, which reported a 174% annual revenue increase to $169.7 million on November 10; and TeraWulf, which announced a year-over-year revenue jump of 87% to $50.6 million on the same day.
Many Bitcoin mining companies are also beginning to pivot towards providing computing power for artificial intelligence. HIVE's AI computing division achieved record revenue of $5.2 million this quarter, a year-over-year increase of 175%.
Bitfarms announced on Thursday that it will shut down its cryptocurrency mining operations over the next two years to transition to AI, with CEO Ben Gagnon stating that this is the best option for most U.S.-based miners.
Related: Singapore warns that unregulated stablecoins may pose systemic risks as new regulations are set to be introduced.
Original article: “Bitcoin (BTC) mining company HIVE shares rise 7.5% due to record quarterly revenue”
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