Blockchain Company HIVE Digital Achieves 47% Hashrate Growth, Secures Low-Cost Energy For Mining In Sweden

HIVE Digital Technologies Ltd HIVE disclosed that it achieved an operational hashrate of 6.0 Exahashes per second (EH/s), a 47% increase from 4.08 EH/s as of December 31, 2023.

This milestone was driven by upgrading its Bitcoin mining fleet with advanced Avalon machines from Canaan Inc., enhancing both efficiency and capacity.

HIVE Digital secured highly competitive energy pricing in Sweden, with electricity costs below 2 cents per kilowatt-hour, enhancing its cost-efficiency and profitability.

The company plans to expand its global hashrate capacity to 15 EH/s by the end of 2025, achieving a fleet efficiency of 17 joules per terahash (J/TH) through the deployment of its 100 MW hydroelectric-powered expansion in Paraguay.

Frank Holmes, Executive Chairman of 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.”

“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.”

Last week, the company announced its acquisition and deployment of advanced Nvidia Corp H100 and H200 GPU clusters in Quebec, Canada.

This strategic $30 million investment aims to strengthen HIVE’s position in artificial intelligence (AI) and high-performance computing (HPC) and enhance its role in the digital transformation landscape.

Price Action: HIVE shares traded higher by 5.96% at $3.02 premarket Thursday.

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