The publicly listed Bitcoin (BTC) miner from Wall Street, HIVE Digital Technologies (Nasdaq: HIVE), reported a decrease in monthly crypto production for February, mining 89 BTC compared to 102 in January, as the company redirects resources toward growth initiatives.
The decline aligned with a broader industry trend, driven by record-high mining difficulty and increasing competition, which is eroding miners' profit margins. The situation is further complicated by the fact that in February, BTC's price shrank by over $18,000 (18%), dropping to $84,000.
HIVE Reports Lower Bitcoin Output
The Bitcoin miningand high-performance computing firm maintained an average mining capacity of 5.6 Exahash per Second (EH/s) during February, with its total Bitcoin holdings reaching 2,620 BTC, valued at approximately $220 million based on the February 28 closing price of $84,000.
Despite the month-over-month decline in production, HIVE's Bitcoin holdings have increased 23% year-over-year. The company strategically sold some of its Bitcoin during February to fund capital investments, including the acquisition of Bitfarms' 200 megawatt (MW) hydro-powered mining facility in Paraguay.
"We are focused on executing a transformative year that positions HIVE as one the largest and most efficient Bitcoin miners in the world," said Aydin Kilic, President and CEO of HIVE. "Our 300 MW expansion in Paraguay to quadruple our hashrate from 6 EH/s to 25 EH/s by September 2025 remains on track."
Beyond its core mining operations, HIVE continues to develop its high-performance computing business. The company reported $13 million in annualized run-rate revenue from its GPU fleet in late February, and expects to reach $20 million in annualized revenue by Q2 2025.
The companyrecently appointed Craig Tavares as President and Chief Operating Officer of Buzz HPC, its high-performance computing division, with the goal of scaling operations to reach $100 million in revenue.
Bitcoin Price Below $80K, BTC Miners Performance Falls Too
Over the past weekend, Bitcoin's price once again approached the psychological support level of $80,000, continuing the sell-off that began in January. The past month saw particularly noticeable declines, with BTC losing a total of 18% and falling to levels last seen in November.
A lower Bitcoin price translates to reduced revenue for cryptocurrency miners, who, like HIVE Digital, faced challenges in February. Cipher Mining Inc. (NASDAQ: CIFR) mined approximately 180 bitcoins in February, down from 219 in January.
MARA Holdings, Inc. (NASDAQ: MARA) reported a 6% month-over-month decline, producing 706 BTC compared to 750 in January. Meanwhile, Canaan Inc. (NASDAQ: CAN) mined 82 bitcoins in February, down from 88 the previous month.
This article was written by Damian Chmiel at www.financemagnates.com.
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