HIVE Digital Technologies has reported strong Q3 FY2025 revenue, fueled by Bitcoin mining and high-performance computing services.

Canadian crypto mining firm HIVE Digital Technologies saw its shares rising 2.57% on Wednesday after it revealed its third-quarter results for fiscal year 2025, which showed strong growth. In a Tuesday press release, the Vancouver-headquartered firm reported total revenue of $29.2 million, driven by both Bitcoin (BTC) mining and high-performance computing services.

During the quarter, HIVE mined 322 BTC, boosting its crypto holdings to 2,805 BTC, valued at $260 million. The figure marks a 263% increase from 2024, what Frank Holmes, HIVE’s executive chairman, described as a “record” milestone.

Meanwhile, the company’s HPC business hit a $10 million annualized run rate, bringing in $2.5 million in revenue for the quarter. HIVE’s operating margins were $6.1 million. Despite the tough environment, HIVE’s smart spending strategy helped it post a $1.3 million net income for the quarter, a big turnaround from last year’s $7 million loss. The company’s now looking to expand its Paraguay site to boost its Bitcoin mining capacity.

In January, HIVE signed a multi-million deal to acquire a 200 MW mining site in Paraguay, with plans to achieve 25 EH/s by September. As Coin Insider Daily reported, the facility, called Yguazú, will be developed in two phases. The first phase — which is already 80% complete — is set to go live by Q2, adding 6 EH/s, while the second one — expected by August — will contribute another 6.5 EH/s using Bitmain S21+ hydro-cooled ASICs.