Bitcoin miner HIVE targets 150% growth by 2025-end after 47% YoY operational surge in 2024

Canadian mining company HIVE Digital Technologies achieved 6.0 EH/s in operational hashrate, a 47% year-over-year increase.

Bitcoin (BTC) Miner HIVE Digital Technologies has reached a major milestone, reaching 6.0 exahashes per second in operational hashrate, a 47% jump from 4.08 EH/s at the end of 2023. The Vancouver-based company explained in a press release of January 2. press release that the growth comes from upgrading its Bitcoin mining fleet with the latest Avalon machines from Canaan Inc.

In addition to its fleet upgrade, HIVE has also achieved competitive energy prices in Sweden, with electricity costs below two cents per kilowatt hour. This helps keep their operating costs manageable and improves their profitability. The hedged position in the energy sector in Sweden supports the focus on profitable operations.

For the future, HIVE has big plans. The company is still targeting 15 EH/s of global hashrate, although this time the company is changing its timetable to achieve it: from summer to the end of 2025. This goal will be supported by a 100 MW hydroelectric 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 completing the company’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 ensuring attractive pricing for our operations in Sweden, we not only reduce Bitcoin production costs, but also improve the return on investment and pave the way for transformative growth in 2025,” he said. he added.

End of 2024, HIVE considerably extended its mining operations, purchasing 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of S21+ Hydro machines from Bitmain. The deal was part of the company’s plan to achieve a total mining capacity of 15 EH/s, with the purchase expected to generate more than $300 million in annual revenue once fully deployed.