tl;dr
Bitcoin miner Hive Digital Technologies announced a 47% year-over-year growth in operational hashrate, reaching 6.0 Exahashes per second (EH/s). The company upgraded its mining fleet with advanced Avalon machines from Canaan Inc., improving efficiency and capacity. It also secured competitive energy...
Bitcoin miner Hive Digital Technologies announced a 47% year-over-year growth in operational hashrate, reaching 6.0 Exahashes per second (EH/s). The company upgraded its mining fleet with advanced Avalon machines from Canaan Inc., improving efficiency and capacity. It also secured competitive energy pricing in Sweden. Hive forecasts a hashrate capacity of 15 EH/s by 2025, driven by a 100 MW hydroelectric expansion in Paraguay. Additionally, the company relocated its headquarters to Texas from Vancouver, citing favorable business conditions and the pro-Bitcoin stance of the U.S. administration.
Hive anticipates substantial growth in Bitcoin mining capacity, targeting 15 EH/s by 2025 driven by hydroelectric-powered expansion in Paraguay. After successfully navigating their second Bitcoin Halving event, Hive is aiming for transformative growth in 2025 by optimizing existing fleet and securing attractive pricing for operations in Sweden.
In addition to expanding its operational capacity, Hive has secured highly competitive energy pricing in Sweden, locking in electricity costs at sub-2-cent rates per kilowatt-hour. The company anticipates reaching a global hashrate capacity of 15 EH/s by the end of 2025, driven by the full deployment of a 100 MW hydroelectric-powered expansion in Paraguay, aimed at optimizing its fleet efficiency further.
Frank Holmes, an executive at Hive, said, "After successfully navigating our second Bitcoin Halving event as a company, HIVE is setting a new standard for efficiency and innovation in Bitcoin mining."
Hive also decided to relocate its headquarters to Texas from Vancouver, Canada, citing President-elect Donald Trump’s pro-Bitcoin stance as a key reason. The company highlighted that after Donald Trump’s victory in the 2024 US presidential election, the crypto market experienced a significant surge in adoption and investment.
"The depth and breadth of US capital markets are unparalleled and key to our growth strategy," Hive Chairman Frank Holmes explained. "The US market, with its $40 trillion capitalization and daily trading volumes of $500 billion, offers HIVE the liquidity, visibility, and valuation opportunities we need to scale."