HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) announced an 18% month-over-month increase in Bitcoin production in June, mining 164 Bitcoin compared to 139 in May.
The increased output was driven by progress at HIVE’s 100 megawatt (MW) Phase 1 facility in Paraguay, the company said on Tuesday.
As of June, HIVE operated at an average hashrate of 11.0 EH/s, peaking at 11.4 EH/s, nearly double its capacity since March.
The fleet achieved a monthly efficiency of about 20 joules per terahash (J/TH), generating approximately 15 BTC per EH/s.
This production boost comes as HIVE has launched its Phase 2 expansion in Paraguay, continuing to scale toward its goal of producing 12 Bitcoin per day and reaching a 25 exahash per second (EH/s) hashrate by year-end.
Phase 2 involves an additional 100 MW hydro-powered expansion at its Yguazú site.
Currently, 0.4 EH/s of new machines are hashing, with full deployment of next-generation Bitmain S21+ Hydro miners expected to bring the site’s total hashrate to 6.5 EH/s. This would improve HIVE’s overall fleet efficiency to an estimated approximately 18.5 J/TH.
"This is a breakout moment for HIVE," executive chairman and co-founder Frank Holmes said in a statement.
"With two 100 MW phases in Paraguay and our rapid expansion, we are more than halfway to our 2025 production goal of 12 BTC per day. Under the outstanding leadership of Paraguay Country President Gabriel Lamas, we're scaling faster, greener, and more efficiently than ever before."
Aydin Kilic, HIVE CEO, added that Paraguay has become a centerpiece of its green Bitcoin mining strategy.
“With hydro infrastructure, fiber, and cooling systems now fully operational, we're deploying new capacity at record speed,” Kilic said. “We expect a major lift in July as Phase 2 scales, propelling us toward our 25 EH/s goal."
Further, HIVE said that to align incentives across the organization, it has granted about 2.8 million Restricted Share Units (RSUs) to employees, executives, directors, and consultants. These one-year vesting RSUs are part of the company’s long-term strategy to support employee ownership and performance alignment.
To support expansion, HIVE raised C$96.7 million (US$70 million) in gross proceeds during the quarter ended June 30, 2025, through the sale of about 38 million shares via its October 2024 at-the-market equity program. The company is using the net proceeds to grow its ASIC infrastructure and expand data center capacity.
Shares of HIVE rose 4.4% on the Nasdaq Tuesday morning at US$2.37, while its Canadian shares gained around 5% at C$3.24 in Toronto.