HIVE Digital and TeraWulf reported strong quarterly results despite the recent halving event in April.
Their revenues increased by 37% and 130% respectively.
Two
publicly-listed mining companies from Wall Street, HIVE Digital Technologies (NASDAQ:
HIVE) and TeraWulf (NASDAQ: WULF) have reported robust financial results for
the second quarter of 2024, showcasing their ability to navigate the challenges
posed by the recent Bitcoin halving event.
Hive Digital's Revenue
Increased by 37%
HIVE
Digital Technologies announced quarterly revenue of $32.2 million, with $29.6
million from digital currency mining and $2.6 million from high-performance
computing (HPC) operations. The company achieved an Adjusted EBITDA of $14.9
million and a net income of $4.2 million before tax.
“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,” said
Frank Holmes, Executive Chairman of HIVE.
HIVE
recently announced plans to
boost its revenue through a new hydroelectric data center in Paraguay. The
company aims to utilize clean energy from the Itaipu hydroelectric dam to power
the facility. This development is anticipated to enhance HIVE's global Bitcoin
mining capacity from 5.6 to 12.1 exahash per second (EH/s) over the next year.
130% Boost for TeraWulf
Meanwhile,
TeraWulf reported Q2 2024 revenue of $35.6 million, representing a 130.2%
year-over-year increase. The company's gross profit (exclusive of depreciation)
rose to $21.7 million, with an Adjusted EBITDA of $19.5 million.
“TeraWulf's
second-quarter results reflect our unwavering commitment to operational
excellence and strategic growth,” said
Paul Prager, CEO of TeraWulf. The company has been focusing on expanding
its infrastructure capacity and diversifying into AI and high-performance
computing initiatives.
Bitcoin Miners' Life after
Halving
Both
companies highlighted their efforts to adapt to the Bitcoin halving, which
occurred in April 2024. HIVE mined 449 Bitcoin during the quarter, down from
658 in the previous quarter, while TeraWulf self-mined 699 Bitcoin across its
facilities. For comparison, the
competitor Riot Platforms produced 370 BTC in July alone.
HIVE and
TeraWulf also emphasized their focus on operational efficiency and cost
management. HIVE reported a gross operating margin of 35%, while TeraWulf
achieved a gross profit margin of 60.9%.
The publicly listed
miners also outlined their expansion plans. HIVE is planning to convert 30 MW
of its existing Bitcoin
mining capacity to Tier 3 infrastructure for GPU operation, while TeraWulf
has begun construction on Building 5 at its Lake Mariner Facility, expected to
add 50 MW of infrastructure capacity by Q1 2025.
Two
publicly-listed mining companies from Wall Street, HIVE Digital Technologies (NASDAQ:
HIVE) and TeraWulf (NASDAQ: WULF) have reported robust financial results for
the second quarter of 2024, showcasing their ability to navigate the challenges
posed by the recent Bitcoin halving event.
Hive Digital's Revenue
Increased by 37%
HIVE
Digital Technologies announced quarterly revenue of $32.2 million, with $29.6
million from digital currency mining and $2.6 million from high-performance
computing (HPC) operations. The company achieved an Adjusted EBITDA of $14.9
million and a net income of $4.2 million before tax.
“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,” said
Frank Holmes, Executive Chairman of HIVE.
HIVE
recently announced plans to
boost its revenue through a new hydroelectric data center in Paraguay. The
company aims to utilize clean energy from the Itaipu hydroelectric dam to power
the facility. This development is anticipated to enhance HIVE's global Bitcoin
mining capacity from 5.6 to 12.1 exahash per second (EH/s) over the next year.
130% Boost for TeraWulf
Meanwhile,
TeraWulf reported Q2 2024 revenue of $35.6 million, representing a 130.2%
year-over-year increase. The company's gross profit (exclusive of depreciation)
rose to $21.7 million, with an Adjusted EBITDA of $19.5 million.
“TeraWulf's
second-quarter results reflect our unwavering commitment to operational
excellence and strategic growth,” said
Paul Prager, CEO of TeraWulf. The company has been focusing on expanding
its infrastructure capacity and diversifying into AI and high-performance
computing initiatives.
Bitcoin Miners' Life after
Halving
Both
companies highlighted their efforts to adapt to the Bitcoin halving, which
occurred in April 2024. HIVE mined 449 Bitcoin during the quarter, down from
658 in the previous quarter, while TeraWulf self-mined 699 Bitcoin across its
facilities. For comparison, the
competitor Riot Platforms produced 370 BTC in July alone.
HIVE and
TeraWulf also emphasized their focus on operational efficiency and cost
management. HIVE reported a gross operating margin of 35%, while TeraWulf
achieved a gross profit margin of 60.9%.
The publicly listed
miners also outlined their expansion plans. HIVE is planning to convert 30 MW
of its existing Bitcoin
mining capacity to Tier 3 infrastructure for GPU operation, while TeraWulf
has begun construction on Building 5 at its Lake Mariner Facility, expected to
add 50 MW of infrastructure capacity by Q1 2025.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Celsius’ Ex-CEO Seeks Testimony of Former Top Staff in Criminal Trial
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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