February 14, 2024 (Investorideas.com Newswire) Investorideas.com, a global news source and expert investing resource covering bitcoin and crypto stocks, issues a sector snapshot as bitcoin moves closer to $52,000 US. Just in time for Valentine’s Day investors fall in love with crypto stocks all over again.
Riot Platforms, Inc. (NASDAQ: RIOT) is trading at $16.9, up$1.47 (+9.52%).
Marathon Digital Holdings, Inc. (NASDAQ:MARA) pops over 10% trading at $28.31, up $2.59 (+10.07%).
HIVE Digital Technologies Ltd. (NASDAQ: HIVE) (TSXV: HIVE) is trading at $4.0700+0.4500 (+12.4309%) in US markets.
Hive recently announced its earnings report for the third quarter ended December 31, 2023 (all amounts in US dollars, unless otherwise indicated).
HIVE achieved revenue of $30.1 million this quarter by mining 830 Bitcoin with a 38% Gross Operating Margin representing $11.3 million of income from digital currency mining operations. This also represents a 146% increase in Gross Operating Margin from the previous quarter of $4.6 million. This quarter, Bitcoin mining economics were stronger due to the rally in Bitcoin, possibly as a result of the news surrounding the Bitcoin ETFs in the United States and subsequent SEC approval on January 10, 2024. Additionally, the Company realized $0.9 million of revenue this quarter from the GPU powered High Performance Computing (“HPC”) business unit, where the Company’s GPUs are utilized for AI computations, including inference and fine-tuning of large language models (LLMs).
The Company notes that HIVE’s production of 830 Bitcoin this quarter represents an increase of 5% year-over-year, having mined 787 Bitcoin in the same period last year. This is a result of increasing HIVE’s global hashrate to over 4 Exahash per second (“EH/s”), while there was an increase in Bitcoin mining network difficulty of approximately 82%, which suggests more miners are competing with more efficient equipment than in the past for the same daily opportunity of 900 Bitcoin. Accordingly, earning 9 Bitcoin per day equates to having 1% of the hashrate of the entire Bitcoin mining network. On average this quarter HIVE mined 9.0 Bitcoin per day. HIVE had an average operating hashrate of 4.01 EH/s for this quarter, representing a 10% increase over the average hashrate from the previous quarter of 3.66 EH/s.
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