Canadian mining firm HIVE Digital Technologies has achieved a significant milestone, reaching 6.0 exahashes per second (EH/s) in operational hashrate, signifying a substantial 47% increase from 4.08 EH/s at the close of 2023. This progress is largely attributed to an upgrade of its Bitcoin mining fleet with Canaan Inc.’s latest Avalon machines. HIVE has also benefited from favorable energy pricing in Sweden, securing electricity costs below two cents per kilowatt-hour, enhancing profitability and maintaining manageable operating costs.
Looking forward, HIVE is pursuing ambitious growth targets, aiming for a 150% increase in operations by the end of 2025, aiming to reach 15 EH/s global hashrate. The company has adjusted its timeline for achieving this goal from summer to the end of 2025 and is bolstering its efforts with a 100 MW hydroelectric-powered expansion in Paraguay, which will improve fleet efficiency to 17 joules per terahash.
Frank Holmes, executive chairman of HIVE, highlighted the strategic steps taken to optimize fleet efficiency and secure cost-effective operations. He emphasized that these efforts are driving down Bitcoin production costs, enhancing return on investment, and setting the stage for transformative growth in 2025.
In late 2024, HIVE expanded its operations by purchasing 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of Bitmain’s S21+ Hydro machines as part of its strategy to reach 15 EH/s total mining capacity. This expansion is expected to generate more than $300 million in annual revenue once fully operational.
