HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) said it had achieved an operational hashrate of 6.0 exahashes per second (EH/s).
The hashrate is a 47% year-over-year increase from 4.08 EH/s at the end of 2023, HIVE said in a statement Thursday.
The growth comes as the company upgraded its Bitcoin mining fleet with advanced Avalon machines sourced from Canaan Inc, a move which boosted its operational efficiency and capacity.
HIVE also highlighted its success in securing electricity rates under two cents per kilowatt-hour in Sweden. These rates, along with hedged electricity pricing, are expected to improve profitability.
Looking ahead, the company aims to expand its global hashrate capacity to 15 EH/s by the end of 2025, supported by a 100 MW hydroelectric-powered facility in Paraguay. The new fleet is projected to achieve a blended efficiency of 17 joules per terahash (J/TH).
"After successfully navigating our second Bitcoin Halving event as a company, HIVE is setting a new standard for efficiency and innovation in Bitcoin mining," 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.”