Bitcoin pioneer HIVE Digital Technologies on expansion course: efficiency boost and cost-optimized mining

At the Bitcoin mining company HIVE Digital Technologies, the signs point to expansion and efficiency. The company has increased its operational hash rate to an impressive 6.0 exahashes per second (EH/s) – a growth of 47 percent compared to the end of 2023. This performance improvement was achieved by using advanced Avalon machines from Canaan, which significantly improved both the efficiency and capacity of the mining fleet. Particularly noteworthy is that HIVE Digital has achieved extremely competitive energy costs of under 2 cents per kilowatt-hour in Sweden. These low electricity prices contribute to the increased cost efficiency and profitability of the company. As part of its long-term growth strategy, HIVE Digital plans to expand its global hash rate capacity to 15 EH/s by the end of 2025. This is to be achieved through a 100 MW hydropower-driven expansion in Paraguay, which will reach a fleet efficiency of 17 joules per terahash (J/TH). Frank Holmes, Executive Chairman of HIVE, emphasized: 'After successfully managing our second Bitcoin halving event as a company, HIVE sets new standards in efficiency and innovation in Bitcoin mining. By optimizing our existing fleet and securing attractive energy prices in Sweden, we reduce production costs and increase our return on capital, paving the way for transformative growth in 2025.' Last week, the company announced a significant investment of 30 million US dollars in advanced GPU clusters from Nvidia in Quebec, Canada. This strategic investment aims to strengthen HIVE's position in the field of artificial intelligence (AI) and high-performance computing (HPC) and to solidify the company's role in the area of digital transformation.