HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) said it has surpassed 15 exahashes per second (EH/s) of Bitcoin mining capacity, driven by accelerated deployment at its Yguazú facility in Paraguay.
The company reiterated its near-term goal of reaching 18 EH/s by the end of summer, with a longer-term target of 25 EH/s by November.
HIVE mined 203 Bitcoin in July, up 24% from June, as Phase 2 of its Yguazú project continued to ramp up.
The company said it is averaging 7.5 Bitcoin mined per day so far in August.
“With our hyperscaling strategy in full motion, management believes we remain firmly on track to reach 25 EH/s by American Thanksgiving,” said Executive Chairman Frank Holmes. “We expect this will yield 12 Bitcoin per day in production.”
CEO Aydin Kilic said over 4 EH/s of next-generation Bitmain S21+ Hydro ASIC miners are now energized at the site. Once Phase 2 is complete, the company expects to have 6.5 EH/s of hydro-cooled ASICs deployed at Yguazú.
HIVE is using a Bitcoin “pledge strategy” to finance its expansion without issuing equity or taking on debt. So far, the company has pledged over $200 million worth of Bitcoin to its equipment supplier, retaining the option to repurchase the coins at the original pledge price.
The company said its annualized Bitcoin mining revenue run rate has tripled since March to $315 million, and revenue per share is up 65% year-to-date.
Looking ahead, HIVE plans to begin Phase 3 of development at its 100-megawatt Valenzuela site in Paraguay this September.
As it grows, the company said it remains committed to local community investment, including job creation, infrastructure improvements, and support for local initiatives.
“We’re not just mining Bitcoin,” Holmes said. “We’re investing in people, in progress, and in a partnership built on trust.”