HIVE Digital Technologies Achieves Milestone in Bitcoin Mining
HIVE Digital Technologies Ltd. has achieved a significant milestone by reaching a global Bitcoin hash rate of 16 exahashes per second (EH/s). This accomplishment is a stepping stone toward the company’s goal of hitting 25 EH/s by the upcoming Thanksgiving holiday in the United States.
The company reported that since May, its Bitcoin output has surged, doubling its daily production to more than 8 BTC. This increase is largely attributed to the rapid deployment of the next-generation Bitmain S21+ Hydro miners at its facility located in Paraguay’s Yguazú region.
Expansion Plans and Future Goals
Currently, over 5 EH/s is operational in the second phase of this expansion, with new shipments of mining rigs arriving on a weekly basis. HIVE also announced that it plans to initiate the third phase of its expansion at the Valenzuela site in September. This final stage of their fully funded growth initiative aims to elevate daily production up to almost 12 BTC, contingent on existing network difficulty levels.
Additionally, HIVE expects the efficiency of its global mining fleet to improve to approximately 18.4 joules per terahash (J/TH). Given the current Bitcoin price, which hovers around $113,000, and the network difficulty pegged at 129 trillion, the firm estimates its profit margin after accounting for electricity costs to be around 60%.
Company Overview and Financial Performance
Founded in 2017, HIVE Digital Technologies specializes in operating sustainable blockchain and AI data centers, which are entirely powered by renewable hydroelectric sources across Canada, Sweden, and Paraguay. While the company’s stock has dipped by 8% year-to-date, it has recently experienced a rebound, gaining over 10% in the last week.
HIVE operates with a market capitalization of $557 million, boasting 214,305,000 shares available. Moreover, financial records highlight that the company holds approximately 610 BTC, valued at more than $68 million.