HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) reported mining 102 Bitcoin (BTC) in January, increasing its total Bitcoin holdings to 2,657 BTC, valued at $271 million as of month-end.
The company maintained an average mining capacity of 5.7 Exahash per second (EH/s) and achieved a peak BTC-only hashrate of 6 EH/s.
HIVE also continued to enhance its operational efficiency, with an average daily production rate of 3.3 BTC.
HIVE's Bitcoin holdings grew 34% year-over-year but declined month-over-month as the company strategically sold BTC to finance capital investments, including its recently announced acquisition of a 200-megawatt hydro-powered Bitcoin mining facility in Paraguay from Bitfarms Ltd.
Frank Holmes, HIVE’s executive chairman, noted that the acquisition expands the company’s operations by 317% to 25 EH/s. “This acquisition makes us one of Latin America's largest Bitcoin mining operators,” Holmes stated.
The company estimates a total net cost of $400,000 per megawatt to complete the Paraguay facility, with a target of increasing its total operational capacity to 430 MW by the third quarter of 2025.
Aydin Kilic, President and CEO of HIVE, said the expansion aligns with the company's strategy to maximize returns on invested capital. "Upon full deployment, we are targeting a blended fleet efficiency of 16.5 Joules per Terahash (J/TH), positioning HIVE among the most energy-efficient Bitcoin miners globally," Kilic said.
HIVE also announced the appointment of retired US Army Lieutenant General John Evans Jr to its Global Strategy Advisory Committee.