HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) chair Frank Holmes told investors that the company enters 2025 with an exceptionally strong balance sheet, including treasury holdings of some $261.9 million worth of Bitcoin.
The crypto miner and blockchain technology firm on Wednesday reported its production results for December which yielded 103 Bitcoin during the month.
This meant Hive ended the year with 2,805 Bitcoin, reflecting some 64.6% growth compared to the previous year.
These holdings are worth $261.9 million, based on a Bitcoin reference price of $93,400.
In terms of operations, Hive highlighted that it upgraded its capabilities in the month, deploying Avalon machines which have enhanced efficiency and capacity – and helping it achieve a peak hashrate of 6.3 exahash per second (EH/s) and this capacity averaged 5.5 EH/s for the whole month.
Hive chief executive Aydin Kilic, in a statement, said: “The past year has been crucial in HIVE's journey as we continue to align next-generation technology with sustainable operations.
“We increased our global hashrate by 47%, reaching 6.0 EH/s, and commenced our new 100 MW green-energy site in Paraguay.
“We are targeting a global hashrate of 13.0 EH/s by the end of the second calendar quarter of 2025 with the completion of the initial 100 MW phase, and we aim for 15.0 EH/s by the end of calendar 2025 with further site expansions.
“The ASIC equipment necessary to achieve the 15.0 EH/s target has been ordered from Bitmain, as announced in a previous news release."
Hive is meanwhile moving its headquarters to San Antonio, Texas, in what Frank Holmes describes as “a strategic step” to enhance the company’s presence in “the world's most robust and dynamic capital market.”