77Port
2月前
Exactly. The market is so manipulated right now. Bottom line: without miners there is no bitcoin. POW is all that remains. Once POW is gone, crypto dies in the darkness of pure manipulation.
Here's the full release:
Yippee Ki Yay.
Dec 31, 2024.HIVE Digital Technologies Announces Relocation of Head Office to San Antonio, Texas and Transition to US GAAP Reporting.
Vancouver, Canada, and San Antonio, Texas December 31, 2024 — HIVE Digital Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE: YO0) (referred to as the “Company” or “HIVE”), a global leader in sustainable blockchain infrastructure, is excited to announce a strategic relocation of its head office from Vancouver, Canada to San Antonio, Texas, and a transition to US GAAP Reporting (all amounts in US dollars, unless otherwise indicated).
.... The Company has signed a lease agreement for office space in San Antonio, Texas, marking an important step in establishing its new headquarters.
Key Advantages of the Move1. Access to a Thriving Blockchain EcosystemThe United States has established itself as a global leader in blockchain innovation and cryptocurrency adoption. ....
2. Favorable Business Environment in Texas and New Administration Under the Leadership of President-Elect Donald Trump.
We believe the United States offers an increasingly competitive and business-friendly regulatory framework, coupled with unparalleled access to capital markets. Texas, in particular, stands out for its supportive business climate, energy infrastructure, and access to skilled talent.
Additionally, the new administration under President-elect Donald Trump has demonstrated a more pro-Bitcoin stance, emphasizing innovation and establishing a regulatory framework for the cryptocurrency ecosystem. President-elect Trump has stated, that under his leadership, America would become a safer and more attractive place for Bitcoin miners by implementing policies to ensure the U.S. has the cheapest energy globally, fostering innovation, and creating a regulatory environment that supports cryptocurrency operations.
This policy direction further supports HIVE’s strategic goals. We also expect the move to facilitate deeper relationships with our U.S.-based investors and partners.
3. Deeper and More Robust Capital Markets
Relocating to the United States enhances HIVE’s ability to optimize funding, especially considering the size and diversity of venture capital funds, technology funds, and ETFs in the U.S.
Frank Holmes, Executive Chairman of HIVE, stated:
“The depth and breadth of U.S. capital markets are unparalleled and key to our growth strategy. The U.S. market, with its $40 trillion capitalization and daily trading volumes of $500 billion, offers HIVE the liquidity, visibility, and valuation opportunities we need to scale.”
Mr. Holmes also highlighted the advantages of the U.S. market’s diversity:
“The United States is home to global tech giants like Apple, Microsoft, and Amazon, setting the pace in innovation and growth. Positioning HIVE at the heart of the global blockchain ecosystem in the U.S. will maximize shareholder value, bolster our visibility in sustainable innovation, and align us with the world’s most robust and dynamic capital market.”
4. Support for Sustainable Growth
As a pioneer in green cryptocurrency mining, HIVE recognizes the growing emphasis on sustainability within the U.S. market. Our move, coupled with possible further developments in the U.S., positions us to leverage the country’s diverse renewable energy resources, ensuring continued leadership in environmentally responsible blockchain innovation.
Transition to US GAAP Reporting
HIVE also announces its transition to reporting financial results under U.S. Generally Accepted Accounting Principles (“US GAAP”), starting with its audited financial statements for the fiscal year ending March 31, 2025.
This change will:
Enhance comparability with U.S. and international peers.Align financial reporting with the expectations of U.S.-based investors and capital markets.
Darcy Daubaras, CFO of HIVE, stated:“Relocating our head office to the U.S. and changing our reporting to US GAAP aligns greatly with our strategic goals of operational efficiency, sustainability, and expanding our market presence. These moves enhance our financial transparency and position us for long-term success in the global market.”
Looking Ahead
The relocation represents a significant milestone in HIVE’s growth story. The Company expects this strategic move to:
Enhance long-term shareholder value.Increase stock trading liquidity and attract global investor interest.Foster innovation and accelerate growth in blockchain and AI-driven data centers.
HIVE's CFO and CEO will stay in Canada to ensure continuity in leadership and operations. HIVE is also seeking to hire an Internal Auditor with expertise in Sarbanes-Oxley in San Antonio to support our U.S. regulatory compliance.
Commitment to Sustainability and Innovation
HIVE reaffirms its dedication to environmentally responsible operations. The move to the U.S. allows the Company to explore additional renewable energy solutions, maintaining its leadership in green blockchain innovation.
About HIVE Digital Technologies Ltd. HIVE Digital Technologies Ltd. is a pioneering technology company focused on advancing sustainable blockchain and AI infrastructure powered by green energy. HIVE was the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017 and is committed to reducing environmental impact and optimizing operational efficiency. With data centers in Canada, Sweden, and soon Paraguay, HIVE is a global leader in digital asset mining and AI computing solutions. For more information, visit hivedigitaltech.com.
77Port
6月前
Actually, HIVE was early to this trend. Here's their quarterly.
HIVE Announces Quarterly Revenue of $32.2 Million, Adjusted EBITDA1 of $14.9 Million with an Increase in Bitcoin Holdings to 2,496 Bitcoin, 449 Bitcoin Mined and HPC Expansion
Vancouver, Canada – HIVE Digital Technologies Ltd. (TSX.V:HIVE) (Nasdaq:HIVE) (FSE: YO0.F) (the “Company” or “HIVE”) announces its results for the first quarter ended June 30, 2024 (all amounts in US dollars, unless otherwise indicated).
Revenue from digital currency mining was $29.6 million this quarter from mining rewards of 449 Bitcoin, in addition to $2.6 million from the Company’s high-performance computing (HPC) hosting operations, resulting in a gross operating margin of $11.4 million, or a 35% operating margin. The Company’s SG&A for the quarter ended June 30, 2024, was $3.4 million, resulting in a positive corporate margin on a cash basis of $8.0 million. HIVE achieved an Adjusted EBITDA1 of $14.9 million for the quarter and net income of $4.2 million before tax.
The Company grew its Bitcoin mining ASIC hashrate by 4% this quarter, from 4.7 Exahash in March 2024 to 4.9 Exahash in June 2024. HIVE ended the period with 2,496 Bitcoin on the balance sheet as of June 30, 2024, valued at $153.9 million. The Company notes that these Bitcoin are unencumbered, unleveraged and were all mined through HIVE’s green energy focused operations.
HIVE’s production of 449 Bitcoin this quarter compared to 658 Bitcoin in the prior quarter ended March 31, 2024, is mainly a result of the Bitcoin Halving that occurs every four years with the most recent Halving on April 20, 2024. The Halving reduced the Company’s block rewards from 6.25 Bitcoin to 3.125 Bitcoin during the period. The Company prepared for this Halving by upgrading its ASIC miners in the months leading up to and after the Halving, contributing to the positive results for this recent quarter reported.
Frank Holmes, Executive Chairman of HIVE, emphasized, “Our strategy to only source mega chunks of green energy has been a big challenge for rapid growth, but our expansion into Paraguay sourcing 100 MW will more than double our Bitcoin footprint over the next 12 months. Even though we operate in many countries, we have demonstrated a unique ability to keep our operations among the top performers in financial metrics. We believe there is too much political FUD risk to be in one jurisdiction, and despite being a global company, we remain a consistent top performer when measured using various efficiency data metrics. Further, as a Bitcoin mining company, we are consistently among the lowest G&A to mine a Bitcoin and least shareholder dilution per share when compared to peers with over 1 Exahash. I am thrilled that over the past 12 months, even with the difficulty rising to mine Bitcoin and the recent Halving, we made more cash flow than last year.”
Aydin Kilic, President & CEO stated “We are proud to have navigated our second Bitcoin Halving event as a Company, with strategic foresight, producing a gross operating margin1 of $11.4 million this quarter. This comes as a result of our Bitcoin Halving strategy where we procured 7,000 Bitmain S21 AntMiners and 2,500 Bitmain S21 Pro AntMiners, to increase our installed hashrate to 5.5 EH/s with a global fleet efficiency of 24.5 J/TH. Our foresight in navigating this Halving, focusing on upgrading our existing fleet, and being conservative with expansions, comes from years of experience in the crypto-mining sector, with some of our key staff having navigated their 3rd and even 4th Bitcoin Halving events. With an installed hashrate of 5.5 EH/s, we are currently realizing an operational hashrate of 5.2 EH/s, as a result of strategic downclocking of 30 J/TH ASICs to improve overall profitability.”
The Company has identified 30 MW of capacity in its existing Bitcoin mining facilities which it owns and operates, which it is planning to convert to Tier 3 infrastructure for GPU operation, to yield 20 MW of Tier 3 compute. The Company believes these upgrades could be completed in 6-9 months from construction commencement, as power distribution and internet redundancy are in place. The Company believes the value proposition of conversion of existing Bitcoin mining capacity to Tier 3 data center rack space is twofold: a quicker construction timeline of 6-9 months for a retrofit versus a 24-36 month construction timeline for a greenfield, and a construction budget of approximately $5 million to $7 million per MW for a retrofit versus $10 million to $12 million per MW for a new build.
Q1 F2025 Summary – June 30, 2024
Generated digital currency mining revenue of $29.6 million and $2.6 Million of HPC revenue, with a gross operating margin1of $11.4 million
Ending the quarter with over $10 Million of annualized run-rate revenue from our HPC business
Mined 449 Bitcoin during the three-month period ended June 30, 2024
Adjusted EBITDA1 income of $14.9 million for the three-month period
Reported a net income before tax of $4.2 million for the quarter
Working capital increased by $14.2 million during three-month period ended June 30, 2024
Digital currency assets of $153.9 million, as of June 30, 2024
Fiscal 2024 Financial Review
For the three-month period ended June 30, 2024, revenue was $32.2 million, an increase of approximately 37% from the prior comparative period primarily due to the increase in Bitcoin price and includes $2.6 million of revenue from our HPC business segment.
Gross operating margin1 during the three-month period was $11.4 million, or 35% of revenue, compared to $8.0 million, or 34% of revenue, in the same period in the prior year. Gross operating margin1 is directly impacted by digital currency prices and network difficulties as this impacts revenue from mining operations. The Company’s gross operating margin1 is partially dependent on external network factors including mining difficulty, the amount of digital currency rewards and fees it receives for mining, as well as the market price of digital currencies.
The Company achieved a net income for the three-month period ended June 30, 2024, of $3.3 million, or $0.03 basic income per share, compared to a net loss of $16.3 million, or $0.19 basic loss per share, in the prior comparative period.
EBITDA1 and Adjusted EBITDA1
The Company uses EBITDA and Adjusted EBITDA as a metric that is useful for assessing its operating performance on a cash basis before the impact of non-cash items and acquisition related activities.
EBITDA is net income or loss from operations, as reported in profit and loss, before finance income and expense, tax and depreciation and amortization.
Adjusted EBITDA is EBITDA adjusted for removing other non-cash items, including share-based compensation, non-cash effect of the revaluation of digital currencies and one-time transactions.
The Company emphasizes that “Adjusted EBITDA” is not a GAAP or IFRS measurement and is included only for comparative purposes.
Non-Cash Charges
A non-cash charge is a write-down or accounting expense that does not involve a cash payment. Depreciation, amortization, depletion, stock-based compensation, and asset impairments are common non-cash charges that reduce earnings but not cash flows.
Financial Statements and MD&A
The Company’s Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) thereon for the three month period ended June 30, 2024 will be accessible on SEDAR+ at www.sedarplus.ca under HIVE’s profile and on the Company’s website at www.HIVEdigitaltechnologies.com.
At-the-Market Offering
On August 17, 2023, the Company entered into an equity distribution agreement (“August 2023 Equity Distribution Agreement”) with Stifel GMP and Canaccord Genuity Corp. Under the August 2023 Equity Distribution Agreement, the Company was able to sell up to $90 million of common shares in the capital of the Company (the “August 2023 ATM Equity Program”).
For the three month period ended June 30, 2024, the Company issued 11,166,160 common shares (the “August 2023 ATM Shares”) pursuant to the August 2023 ATM Equity Program for gross proceeds of C$45.0 million ($32.9 million). The August 2023 ATM Shares were sold at prevailing market prices, for an average price per August 2023 ATM Share of C$4.03. Pursuant to the August 2023 Equity Distribution Agreement, a cash commission of $1.0 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the August 2023 Equity Distribution Agreement.
The Company is using the net proceeds from the August 2023 Equity Distribution Agreement for the purchase of data center equipment, strategic investments including building BTC assets on our balance sheet and general working capital. The August 2023 Equity Distribution Agreement was terminated on July 19, 2024
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a focus on sustainable green energy.
HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns and operates state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we endeavour to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.
Environmental Sustainability:
Green Energy: By sourcing green renewable energy, HIVE is committed to environmental responsibility, positioning itself as a leader in sustainable cryptocurrency mining.
Competitive Advantage: We believe this environmentally conscious approach sets HIVE apart from competitors and aligns with evolving investor preferences.
Expansion into AI Strategy:
Diversification: HIVE’s diversification into HPC enables us to support artificial intelligence (AI) using Nvidia GPU chips, showcasing our adaptability and innovation beyond traditional Bitcoin mining.
Revenue Streams: This strategic move into HPC broadens HIVE’s revenue streams and places it at the forefront of technological advancements in both cryptocurrency and AI industries.
HIVE’s unique value proposition encompasses efficient operations, a proven agile management team, financial strength, environmental sustainability, and innovative expansion strategies. Beyond Bitcoin mining, HIVE is firmly part of the global boom in data center infrastructure, sourcing primarily green renewable energy.
HIVE presents a unique growth opportunity with over 2,500 Bitcoins on its balance sheet and growing revenue from its suite of Nvidia GPU chips powering data services for the AI revolution.
We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.
For more information and to register to HIVE’s mailing list, please visit www.HIVEdigitaltechnologies.com. Follow @HIVEDigitalTechon Twitter and subscribe to HIVE’s YouTube channel.
77Port
2年前
ChuckBits, I laughed when I read your comment, pointing out my bone-headed inaccuracy regarding HIVEs ath.
While I didn't like the reverse split, I was in favor of it at the time due to the ugly market circumstances. HIVE needed to keep their head above water and a dollar.
Now, getting SP to $28.75 will take some time. If they succeed, perhaps it will someday make sense to reverse the reverse split.
HIVE entered the US market from Canada with too many shares, at least compared to some newer miners which had 40 to 80 million. HIVE had way more, over 400 million, if memory serves. This might have allowed them to be one of the most liquid and active trading stocks on the Toronto exchange, but it was poison to the OTC, then Nasdaq. I think Frank Holmes made a mistake, thinking, or assuming, that HIVE would maintain such activity when they reached the US market. When this didn't happen, it left HIVE fat and unappetizing to the institutional gorillas. That honor went to MARA and RIOT, with HIVE left to reinvent itself in the brave new world.
Having so many shares made HIVE a difficult and/or confusing company. In my opinion, they misread the American market and should have done the reverse split before they reached the US shores and Nasdaq. Had they gotten here with 60 million, instead of 400 million, things might have unfolded differently.
But that's all assumption vapor. A waste of typing with my thumbs.
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