Hive Digital Sees 36% Revenue Growth in Q2 2024

Hive Digital Technologies Ltd., formerly known as Hive Blockchain Technologies, has announced a 36% increase in sales for Q2 2024 as the company continues to diversify its operations beyond Bitcoin mining. The Canadian firm reported $32 million in revenue for the quarter, a significant jump from $23.5 million in the same period last year. This growth was driven by the company's core cryptocurrency mining activities and its recent foray into high-performance computing for artificial intelligence (AI) applications, which contributed $2.6 million in sales, according to Cointelegraph.

The name change from Hive Blockchain Technologies to Hive Digital Technologies in July 2023 signaled a strategic pivot for the company. Leveraging its extensive inventory of Nvidia GPU cards, Hive has begun providing computational power for AI and other advanced applications. The company remains committed to its Bitcoin mining operations but is actively diversifying its business model to capitalize on the growing demand for AI compute power.

Hive operates nine data centers across Canada, Sweden, and Iceland and is exploring additional revenue streams by renting out GPU server clusters through marketplace aggregators. The company is also considering launching a new cloud service offering to further expand its capabilities.