HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) announced that it has exceeded 11 Exahash per second (EH/s) of global Bitcoin mining hashrate, reaching an operational level of 11.4 EH/s.
This milestone follows the early completion of Phase 1 of the company’s Yguazú project in Paraguay, which added 100 megawatts (MW) of power capacity.
Over the past five weeks, HIVE increased its installed hashrate by roughly 1 EH/s per week. The company reported reaching 11 EH/s last week and has since climbed to 11.5 EH/s.
HIVE expects to maintain this level under standard operating conditions, though daily hashrate may fluctuate slightly due to seasonal temperature adjustments at its Canadian data centers.
The company highlighted that the expansion into Paraguay is part of HIVE’s strategic initiative to utilize low-cost, 100% renewable hydroelectric energy.
The company noted that its build-out is fully funded and that Phase 2 is progressing. New Bitmain S21+ Hydro ASICs have arrived and are being installed in hydro-powered containers.
HIVE expects to ramp up to 18 EH/s by late summer and remains on track to reach 25 EH/s by American Thanksgiving 2025.
Frank Holmes, HIVE co-founder and executive chairman, said reaching the 11 EH/s milestone more than two weeks ahead of schedule demonstrates HIVE’s ability to rapidly scale and operate at the highest levels.
"We're proud to build this state-of-the-art infrastructure in Paraguay - a nation that shares our long-term vision and embraces the benefits of sustainable digital infrastructure,” Holmes said in a statement.
“Our expansion benefits both our shareholders and the local communities that host and support our facilities. We are well-positioned to continue this growth trajectory and are fully committed to reaching 25 EH/s by American Thanksgiving 2025."
Aydin Kilic, HIVE CEO, stressed the quality, efficiency, and professionalism of its operations in Paraguay, having recently toured the sites.
“Our data centers in Yguazú and Valenzuela are truly world-class facilities - a testament to the hard work of our team and the strong collaboration with local partners,” Kilic said.
“ We're on schedule to ramp to 18 EH/s this summer, and remain confident in achieving 25 EH/s by American Thanksgiving. Together, we're building a future where digital infrastructure and sustainable growth go hand-in-hand."