HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) said it has surpassed 13 exahash per second (EH/s) in global Bitcoin mining capacity as it scales up operations at its hydro-cooled mining facility in Yguazú, Paraguay.
The milestone comes as over 2 EH/s of Bitmain’s next-generation S21+ Hydro ASIC miners went online in Phase 2 of the project.
HIVE is currently mining more than 6.5 Bitcoin per day and expects to hit 18 EH/s globally by the end of August and 25 EH/s by November 2025.
“Our climb to 13 EH/s is the result of researched planning and focused execution across the organization,” said Frank Holmes, executive chairman. “Every Exahash of the latest high-efficiency Bitmain S21+ ASIC miners we add is expected to reduce unit costs, thereby expanding margins.”
HIVE said the latest expansion will lower its global fleet’s average efficiency from 20 joules per terahash (J/TH) to 18.5 J/TH, improving power usage and cost per Bitcoin mined. The company aims for further gains, with estimated efficiency dropping to 17.5 J/TH when its 25 EH/s goal is reached later this year.
The company said its current operations are generating $300 million in annualized run-rate revenue (ARR), with profit margins of about 55% at a current hash price of approximately $59 per petahash per day. HIVE expects ARR to grow to around $400 million at 18 EH/s and $550 million at 25 EH/s, with margins approaching 60%.
“Our cost advantage, supported by engineering expertise and a renewable energy strategy, positions us as a highly efficient Bitcoin miner and AI/HPC infrastructure provider,” said COO Luke Rossy.
HIVE said its expansion is fully funded and includes a focus on both Bitcoin mining and its high-performance computing (HPC) and AI infrastructure business.