HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) shares rose after it announced that it has reached an operational hashrate of 6 Exahashes per second (EH/s), a 47% jump from the end of 2023.
The company attributed the achievement to the upgrade of its Bitcoin mining fleet with state-of-the-art Avalon machines from Canaan.
HIVE has also secured highly competitive energy pricing in Sweden, benefiting from electricity costs below $0.02 per kilowatt-hour.
The company expects to reach a global hashrate capacity of 15 EH/s by the end of 2025, with a fleet efficiency of 17 joules per terahash (J/TH) after fully deploying its 100 MW hydroelectric-powered expansion in Paraguay.
“After successfully navigating our second Bitcoin Halving event as a company, HIVE is setting a new standard for efficiency and innovation in Bitcoin mining,” HIVE executive chairman Frank Holmes said in a statement.
“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.”
Shares of HIVE gained 9% in morning trading Thursday.
--Updates with share price--