Canadian mining company HIVE Digital Technologies has achieved a significant milestone in its operational hashrate, reaching 6.0 exahashes per second. This marks a 47% increase from the previous year, when the company’s hashrate was at 4.08 EH/s. The growth can be attributed to HIVE upgrading its Bitcoin mining fleet with the latest Avalon machines from Canaan Inc.
In addition to the fleet upgrade, HIVE has also secured competitive energy pricing in Sweden, with electricity costs below two cents per kilowatt-hour. This has helped the company keep its operating costs low and improve profitability. HIVE’s hedged energy position in Sweden supports its focus on cost-effective operations.
Looking ahead, HIVE has ambitious plans to reach a global hashrate of 15 EH/s by the end of 2025, with a shift in timeline from the previously targeted summer deadline. This growth will be supported by a 100 MW hydroelectric-powered expansion in Paraguay, which is expected to enhance the company’s fleet efficiency to 17 joules per terahash.
Frank Holmes, executive chairman of HIVE, emphasized the company’s commitment to efficiency and innovation in Bitcoin mining following the successful navigation of the second Bitcoin halving event. He highlighted the optimization of the existing fleet and the securing of attractive pricing for operations in Sweden as key factors driving down production costs and enhancing return on investment.
In late 2024, HIVE significantly expanded its mining operations by acquiring 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of Bitmain’s S21+ Hydro machines. This purchase was part of the company’s strategy to reach a total mining capacity of 15 EH/s, with the expected revenue generation exceeding $300 million annually once fully deployed.
The continuous growth and innovation in HIVE’s mining operations position the company for transformative growth in the coming years, solidifying its reputation as a leader in the Bitcoin mining industry.