HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) reported mining 89 Bitcoin (BTC) in February, bringing its total BTC holdings to 2,620, valued at $220 million as of February 28.
The company maintained an average mining capacity of 5.6 exahash per second (EH/s), reaching a peak BTC-only hashrate of 6.2 EH/s.
Its daily production averaged 3.2 BTC, according to the latest release from HIVE.
HIVE strategically sold part of its BTC holdings to invest in capital assets, including Bitfarms’ 200-megawatt hydro-powered Bitcoin mining facilities in Paraguay.
"As we continue to expand and strengthen our executive team, we are aligning top-tier leadership with our strategic focus on two of the most transformative trends of our time—Bitcoin and AI," said Frank Holmes, Executive Chairman of HIVE.
Holmes noted the appointment of Craig Tavares as President and Chief Operating Officer of Buzz HPC as a “testament to our commitment to driving innovation and growth in high-performance computing and GPU cloud services.”
Aydin Kilic, CEO of HIVE, said the company’s expansion in Paraguay remains on track, with plans to quadruple its hashrate to 25 EH/s by September 2025.
"We are focused on executing a transformative year that positions HIVE as one of the largest and most efficient Bitcoin miners in the world,” Kilic said.
HIVE expects to complete construction and begin phased miner deployment at its 100 MW Yguazú and 100 MW Valenzuela sites in Q2 2025, targeting 18 EH/s and 18 J/TH by June 30.
New GPU servers coming online
Kilic also highlighted HIVE’s progress in high-performance computing, stating: "Regarding our high-performance computing GPU business unit, in the last week of February, we realized $13 million of annualized run-rate revenue from our fleet of high-performance GPUs.
“We are on track to reach our $20 million annualized run-rate revenue target by calendar Q2 this year, based on current growth and performance trends, with new GPU servers coming online for AI processing."
HIVE said its executive team recently visited the Bitfarms Yguazú site in Paraguay to assess construction progress. "We were extremely pleased with the progress we witnessed there and are excited to finalize the strategic acquisition of Bitfarms' 200 MW Yguazú site in Q1 2025," said Luke Rossy, chief operating officer.
The company also reported significant progress at its 100 MW Valenzuela facility, which remains on track for energization by June 2025.