HIVE Digital Technologies has reported a significant milestone for May, surpassing 10 exahash per second (EH/s) in hashrate capacity, marking a 58% increase from the previous month. This growth is primarily attributed to the launch of a new 100-megawatt hydro-powered mining facility in Paraguay. The company plans to ramp up its capacity to 25 EH/s by the end of 2025. In May alone, HIVE mined 139 bitcoins, averaging about 4.5 BTC per day, with peak capacity reaching 10.4 EH/s and an average hashrate of around 8.5 EH/s.
HIVE’s efficiency remains stable at approximately 20 joules per terahash (J/TH), contributing to the company's share of the global Bitcoin mining power now exceeding 1%. This strategic focus on renewable energy in regions abundant with natural resources signals a notable trend in the Bitcoin mining industry. In a press release, co-founder Frank Holmes underlined the importance of the company's flexibility and rapid expansion, highlighting initiatives like their Buzz HPC division that integrates AI cloud infrastructure with mining operations.
CEO Aydin Kilic mentioned that the target for this summer is to achieve an 18 EH/s hashrate and that ongoing fleet upgrades are expected to yield over 12 BTC production daily by the fourth quarter, potentially reducing costs to below $50,000 per coin. HIVE, which was the first public crypto miner on the TSX Venture Exchange in 2017, operates facilities in Canada, Sweden, and Paraguay, all fully powered by hydroelectric energy. Investors reacted positively, with HIVE shares gaining 13% following Bitcoin's rise to above $105,000.
HIVE’s efficiency remains stable at approximately 20 joules per terahash (J/TH), contributing to the company's share of the global Bitcoin mining power now exceeding 1%. This strategic focus on renewable energy in regions abundant with natural resources signals a notable trend in the Bitcoin mining industry. In a press release, co-founder Frank Holmes underlined the importance of the company's flexibility and rapid expansion, highlighting initiatives like their Buzz HPC division that integrates AI cloud infrastructure with mining operations.
CEO Aydin Kilic mentioned that the target for this summer is to achieve an 18 EH/s hashrate and that ongoing fleet upgrades are expected to yield over 12 BTC production daily by the fourth quarter, potentially reducing costs to below $50,000 per coin. HIVE, which was the first public crypto miner on the TSX Venture Exchange in 2017, operates facilities in Canada, Sweden, and Paraguay, all fully powered by hydroelectric energy. Investors reacted positively, with HIVE shares gaining 13% following Bitcoin's rise to above $105,000.
