Hive Digital sales up 36% as Bitcoin miner forays into AI compute
Hive’s new high-performance computing platform clocked around $2.6 million in sales in the second quarter of 2024.
Hive Digital Technologies Ltd. (HIVE) notched a 36% uptick in sales in the second quarter of 2024 as the Canadian Bitcoin miner diversifies into providing computational power to artificial intelligence (AI) applications, according an Aug. 13 filing.
Hive reported second-quarter 2024 revenues of around $32 million, compared to some $23.5 million the year prior, the company said. Much of those gains came from Hive’s core cryptocurrency mining business. The company also scaled its new high-performance computing platform to around $2.6 million in sales.
On July 12, 2023, the company changed its name from Hive Blockchain Technologies to Hive Digital Technologies to reflect a pivot to hosting AI and other advanced applications. The shift was an effort to cash in on the company’s large inventory of Nvidia graphics processing unit (GPU) cards, Hive said.
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Author: Alex O’Donnell
