HIVE Digital Technologies reported mining 89 Bitcoin in February, raising total holdings to 2,620 BTC worth $220 million. The company plans significant expansion in Paraguay, aiming for a hashrate increase to 25 EH/s by September. HIVE is also progressing in high-performance computing, targeting $20 million in annualized revenue by Q2 2025. Additionally, facilities in Paraguay are on track for energization by mid-2025.
HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) announced its production of 89 Bitcoin (BTC) in February, increasing its total holdings to 2,620 BTC valued at approximately $220 million as of February 28. The company achieved an average mining capacity of 5.6 exahash per second (EH/s) and a peak BTC hashrate of 6.2 EH/s, producing a daily average of 3.2 BTC.
To fund its capital expansion efforts, HIVE sold a portion of its Bitcoin holdings to invest in Bitfarms’ 200-megawatt hydro-powered Bitcoin mining facilities in Paraguay. The Executive Chairman, Frank Holmes, emphasized the importance of aligning leadership with HIVE’s strategic focus on trends such as Bitcoin and artificial intelligence (AI).
As reported by CEO Aydin Kilic, the company’s expansion plans in Paraguay are progressing on schedule, with plans to increase its hashrate to 25 EH/s by September 2025. HIVE aims to position itself as a leading Bitcoin miner globally, targeting constructions completion and phased miner deployment at its 100 MW Yguazú and Valenzuela sites by Q2 2025.
Furthermore, HIVE is enhancing its high-performance computing capabilities. Kilic announced that the company achieved an annualized run-rate revenue of $13 million from its GPU fleet in late February, with a target of $20 million by the end of Q2. The executive team recently visited the Yguazú site to assess construction progress, with COO Luke Rossy expressing satisfaction with the advancements observed.
Progress is also noted at the 100 MW Valenzuela facility, which is on track to be energized by June 2025, showcasing HIVE’s commitment to infrastructure growth.
In summary, HIVE Digital Technologies has reported strong Bitcoin production figures and made significant strides in expanding its mining capabilities. The enhancement of its high-performance computing division and strategic investments in Paraguay highlight the company’s commitment to becoming a leader in the Bitcoin mining sector. With ambitious growth targets and ongoing capital investment, HIVE positions itself for continued success in the evolving digital currency landscape.
Original Source: www.proactiveinvestors.com
