Canadian Bitcoin mining firm HIVE Digital Technologies has achieved a significant milestone, reaching an operational hashrate of 6.0 exahashes per second (EH/s), marking a 47% increase from the 4.08 EH/s reported at the close of 2023, driven by strategic fleet upgrades and cost-efficient operations.
In a January 2 announcement, the Vancouver-based company attributed its growth to integrating advanced Avalon mining machines from Canaan Inc. These upgrades, combined with energy pricing below two cents per kilowatt-hour in Sweden, have strengthened HIVE’s profitability by reducing production costs.
Executive Chairman Frank Holmes highlighted HIVE’s focus on efficiency and innovation, stating,
“By optimizing our existing fleet and securing attractive pricing for our operations in Sweden, we are not only driving down Bitcoin production costs but also enhancing return on investment and paving the way for transformative growth in 2025.”
The company has revised its goal of achieving 15 EH/s in global hashrate, extending its timeline from summer 2025 to the end of the year. A key factor in reaching this target is a planned 100 MW hydroelectric-powered expansion in Paraguay, expected to enhance fleet efficiency to 17 joules per terahash.
Notably, in November 2024, HIVE reported a 67% increase in its Bitcoin holdings following an expansion in its production capacity. The firm’s monthly update revealed it had mined 103 BTC, boosting its total Bitcoin reserves to 2,713 BTC. At Bitcoin’s November 30 closing price of $96,400, these holdings were valued at approximately $261 million. HIVE achieved strong mining performance during the same period, with an average hash rate of 5.3 EH/s and a peak of 5.7 EH/s. To support its growth, the company invested in 11,500 Avalon ASIC miners and 8.6 EH/s of Bitmain’s S21+ Hydro machines, part of its strategy to reach 15 EH/s by 2025. Once fully deployed, the new equipment is expected to generate over $300 million in annual revenue.
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