HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) announced that it has surpassed 8.0 Exahash per second (EH/s) of global Bitcoin mining hashrate, reporting a current total of 8.3 EH/s.
This milestone is part of the company’s strategic plan to reach 25 EH/s by the fourth quarter.
The increase in hashrate follows the energization of HIVE’s first 100 MW hydro-powered facility in Yguazu, Paraguay.
It is on track to meet its Phase 1 goal of 11.5 EH/s by the end of June 2025, with more capacity expected to be added in the coming weeks, HIVE noted.
The company has also fully funded its ASIC hardware orders to support an expansion to 18 EH/s by Q3 2025, using its Bitcoin treasury to finance the growth.
The second 100 MW facility in Yguazu is scheduled for completion this summer and is expected to support the next stage of expansion.
A third 100 MW facility in Valenzuela, Paraguay, is planned for Q4 2025 to support the final phase of growth toward the 25 EH/s target.
“This achievement demonstrates HIVE's ability to responsibly scale operations with green energy while securing the Bitcoin network and driving long-term shareholder value. We are proud to lead the next wave of innovation in digital infrastructure,” HIVE chairman Frank Holmes said in a statement.
"We are now well on our way to the 18 EH/s summer target; crossing the 8 EH/s threshold signals our bold momentum forward. Based on current Bitcoin mining rewards, at 18 EH/s, HIVE would be mining approximately 10 Bitcoin per day.”
Aydin Kilic, HIVE CEO, added: “This pace of deployment underscores the strength of our infrastructure strategy and our commitment to operational excellence.”
He also highlighted the company’s efforts in increasing its global fleet efficiency,, noting this would result in less energy required per Bitcoin mined.
“HIVE estimates its average cost of Bitcoin production to decrease by 10% to 20% by autumn 2025, based on lower global average energy prices and improved global fleet efficiency,” Kilic said.
Leveraging Bitcoin treasury
During the quarter, HIVE said it entered a special agreement to acquire next-generation ASIC miners. As part of the transaction, the company pledged Bitcoin at a price of US$87,000 per Bitcoin to settle the purchase and secured an option to repurchase an equivalent amount at the same price.
The company believes that this approach enabled it to grow its mining fleet without significant cash expenditure or equity dilution while maintaining Bitcoin exposure.
It noted that the deal was made while Bitcoin prices were under pressure due to a global tariff war.
HIVE currently holds 610 Bitcoin in its treasury and intends to rebuild its Bitcoin holdings while continuing to scale its mining operations.
Upsized at-the-market offering
HIVE also announced that it has entered into an updated equity distribution agreement with a syndicate of agents.
Under the amended agreement, the company may sell up to US$119.2 million of common shares through an at-the-market (ATM) program.
HIVE’s shares will be issued at prevailing market prices at the time of sale, at the company’s discretion.
The proceeds from the ATM program, if any, are intended for general corporate and working capital purposes, debt repayment, acquisitions, or other corporate purposes.