HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) announced on Friday that it has surpassed 7.3 exahash per second (EH/s) in global Bitcoin mining capacity, a 10% increase from the previous month.
The company, which uses hydroelectric power for mining, said the increase was driven by the energization of the first 100-megawatt (MW) phase at its new site in Paraguay.
HIVE plans to add 1 EH/s of capacity every two weeks as new ASIC miners are deployed, with a target of reaching 11.5 EH/s by the end of June and 18 EH/s by the end of summer.
“We’re excited by the traction we’re gaining after acquiring Bitfarms' assets and launching our own site in Paraguay,” said Frank Holmes, co-founder and executive chairman of HIVE.
“This expansion provides HIVE with a strategic advantage to scale production using clean hydroelectric power. However, we remain vigilant, as global supply chain challenges and trade tensions over tariffs could introduce potential disruptions.”
Holmes added that with Bitcoin prices exceeding $100,000, HIVE expects to nearly double its April production, reaching six Bitcoin per day by the end of June.
In April, HIVE produced 102 Bitcoin, averaging 3.4 BTC per day. The company’s average hashrate for the month was 6.5 EH/s, with fleet efficiency at 20.7 joules per terahash. The peak hashrate reached 6.6 EH/s.
“Our team has worked around the clock to ensure we hit our milestones,” said Aydin Kilic, CEO of HIVE. “As a performance leader in the industry, HIVE wants to demonstrate to its shareholders and investors, the company’s expertise and proficiency in building and operating data centers globally."
Phase 2 of the Paraguay expansion is already underway. This phase will utilize Bitmain S21+ Hydro miners, with over 13,400 hydro-cooled units already shipped. Full completion of Phase 2 will contribute an additional 6.5 EH/s, bringing HIVE’s total global capacity to approximately 18 EH/s by the end of summer. The company is also preparing its Valenzuela site for further expansion.
“Looking ahead, we’re preparing our Valenzuela site for an additional 100 MW of air-cooled containers,” said Luke Rossy, COO of HIVE. “This expansion, ramping up between August and November, will position HIVE to surpass 25 EH/s globally, establishing us among the largest Bitcoin miners in the world.”
Additionally, HIVE raised C$96.9 million (US$67.4 million) in the three-month period ending March 31, 2025, through an at-the-market equity offering, issuing over 25 million shares at an average price of C$3.84 per share. The proceeds will be used for equipment purchases, strategic investments, and general working capital.