HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) announced it has exceeded 14 Exahash per second (EH/s) of Bitcoin mining hashrate across its operations in Canada, Sweden, and Paraguay.
This milestone brings the company’s current Bitcoin annual run rate for revenue to $315 million, with mining margins of approximately 55% after electricity costs, based on the current hashprice as tracked by the Bitcoin Hashprice Index.
HIVE reaffirmed its guidance to reach 18 EH/s by the end of summer and 25 EH/s by US Thanksgiving.
The company said this increase marks a key point in its expansion strategy as it responds to favorable market conditions, including higher Bitcoin prices, increasing institutional adoption of digital assets, and a rise in demand for AI-ready data centers.
In Paraguay, construction continues on HIVE’s three-campus buildout. Phase 2 at the Yguazú site is over 60% complete, with 4 EH/s of Bitmain S21+ Hydro miners now energized.
As a result, HIVE's global daily Bitcoin production has increased to over 7 Bitcoin, up from 4 Bitcoin earlier in the year. Full deployment of Phase 2 is expected to deliver 6.5 EH/s.
Meanwhile, development continues at the Valenzuela site, also referred to as Phase 3. With both phases operational, HIVE anticipates reaching a daily production rate of 12 Bitcoin by the end of the year, which would represent nearly 3% of global daily Bitcoin output based on current network difficulty.
"We have over 300 locally hired workers, all moving in lockstep to deliver world-class digital infrastructure at an extraordinary pace," HIVE executive chairman Frank Holmes said. "This is a project built on speed, precision, and purpose - think Navy SEALs meets Stargate in West Texas."
Aydin Kilic, HIVE CEO, highlighted that the company’s Bitcoin mining operations are clean, green and fully funded by its operations.
"Our growth is powered by cash flow and HODL - no dilution, no shortcuts. We're focused on scaling with discipline,” Kilic said.
Shares of HIVE climbed nearly 6% on Wednesday morning at US$3.14.