These Two Wall Street Bitcoin Miners Defy Halving Odds with Higher Q2 Revenues

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 DIGITAL Q2 EARNINGS LIVESTREAM REACTIONSet your clocks for 5 pm ET to join us on @theMiningPod to watch @HIVEDigitalTech Q2 financials presented by @bulldogholmes and @AydinKilicHIVE! 📺 YouTube: https://t.co/S5u5PRD2zS📺 Twitter: @theminingpod Remember to hit that… pic.twitter.com/R1LVPmg8Dr

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 2024 Financial Results 🐺🔵 Q2 2024 Revenue of $35.6 million, gross profit (exclusive of depreciation) of $21.7 million and Non-GAAP Adjusted EBITDA of $19.5 million🔵 Revenue growth of 130.2% year-over-year for the three-month period ended June 30,…

“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.

Both HIVE and WULF are among the numerous publicly traded BTC miners, but they are not the largest. You can find the list of the top five with the highest market capitalization on Wall Street here.