Canadian mining firm HIVE Digital Technologies has reached 6.0 EH/s in operational hashrate, marking a 47% year-over-year increase.
Bitcoin (BTC) miner HIVE Digital Technologies has hit a major milestone, reaching 6.0 exahashes per second in operational hashrate, marking a 47% jump from 4.08 EH/s at the end of 2023. The Vancouver-headquartered firm explained in a Jan. 2 press release that the growth comes from upgrading its Bitcoin mining fleet with the latest Avalon machines from Canaan Inc.
On top of the fleet upgrade, HIVE has also secured competitive energy pricing in Sweden, with electricity costs below two cents per kilowatt-hour. This helps keep their operating costs manageable and improves profitability. The firm’s hedged energy position in Sweden supports its focus on cost-effective operations.
Looking ahead, HIVE has big plans. The company is still targeting 15 EH/s of global hashrate, though this time the firm is shifting its timeline for achieving this: from summer to the end of 2025. This will be supported by a 100 MW hydroelectric-powered expansion in Paraguay, which is expected to bring the company’s fleet efficiency to 17 joules per terahash.
Frank Holmes, executive chairman of HIVE, noted that after successfully navigating the firm’s second Bitcoin halving event, HIVE is now “setting a new standard for efficiency and innovation in Bitcoin mining.”
“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,” he added.
In late 2024, HIVE considerably expanded its mining operations, purchasing 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of Bitmain’s S21+ Hydro machines. That deal was part of the firm’s plan to reach a total mining capacity of 15 EH/s, with the purchase expected to generate over $300 million in annual revenue once fully deployed.
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