HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) executive chairman Frank Holmes talked with Proactive about the company’s rapid progress in Bitcoin mining expansion.
Holmes shared that HIVE is significantly ahead of schedule, with expectations to reach 18 exahash by the end of August and 25 by US Thanksgiving.
The company is now producing seven Bitcoin per day, translating to an annualized run rate of over $300 million.
Holmes emphasized that the foundation of this progress is the efficient operation in Paraguay, where HIVE benefits from stable, green hydroelectric power sourced from the Itaipú Dam.
"We're still the only pure Bitcoin miner sourcing green energy," Holmes stated.
This strategic location provides both operational efficiency and financial stability. By building substations that are eventually owned by the Paraguayan government, HIVE secures long-term access to low-cost, clean electricity, while the local utility receives steady US dollar payments, supporting fiscal stability in the region.
Holmes reiterated his confidence in HIVE’s trajectory, citing strong project management and additional hires to fast-track construction.
He also noted the company’s growing AI division in Canada, describing it as doubling in size and positioning HIVE to become a major player in high-performance computing infrastructure.
The company expects to scale Bitcoin output to 12 coins per day by year-end and aims to be among the top five global miners, with further expansion on the horizon.