HIVE Digital Capacity Crosses 10 EH/s in May, Aims to More Than Double That by Year-End
HIVE Digital Technologies (HIVE), a publicly traded Bitcoin miner, has significantly expanded its operational capacity, reaching a hashrate exceeding 10 exahashes per second (EH/s). This represents a substantial 58% increase since April, primarily driven by the recent activation of a 100-megawatt hydro-powered mining facility in Paraguay. The company’s press release highlights its ambitious growth trajectory, projecting a remarkable increase to 25 EH/s by the end of 2025.
May’s mining output reached 139 Bitcoin, averaging 4.5 BTC per day. While peak capacity touched 10.4 EH/s, the average hashrate for the month settled at 8.5 EH/s. Notably, HIVE maintains a consistent fleet efficiency of approximately 20 joules per terahash (J/TH), and its network share now surpasses 1% of the global Bitcoin mining power.
The Paraguay facility exemplifies a prevailing trend within the Bitcoin mining sector: a competitive rush to rapidly deploy advanced ASIC miners at scale in regions offering abundant renewable energy sources. This strategic move underscores HIVE’s commitment to sustainable and cost-effective mining operations.
HIVE’s co-founder, Frank Holmes, emphasized the company’s agility and adaptability, highlighting the contributions of its Buzz HPC division. This division not only supports Bitcoin mining but also provides AI cloud infrastructure services, showcasing the company’s diversification and technological prowess.
Aydin Kilic, CEO of HIVE, outlined the company’s summer objective of achieving an 18 EH/s hashrate. Furthermore, planned fleet upgrades are expected to boost daily Bitcoin production to over 12 BTC by the fourth quarter of 2025, potentially lowering production costs to below $50,000 per Bitcoin.
HIVE operates a geographically diverse network of facilities in Canada, Sweden, and Paraguay, all powered exclusively by hydroelectric energy. As a pioneer, HIVE was the first publicly listed crypto miner on the TSX Venture Exchange back in 2017. The company’s strategic expansion and operational achievements are reflected in a 13% surge in its share price on Friday, mirroring the broader market rally driven by Bitcoin’s price exceeding $105,000.
