HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) has crossed a major threshold in its Bitcoin mining operations, reaching 2% of the global Bitcoin network and surpassing 20 exahash per second (EH/s) of computing power.
The Vancouver-based company announced the milestone following the rollout of high-performance ASIC mining hardware at its new Phase 3 facility in Valenzuela, Paraguay. This is a 100 megawatt (MW) green energy site powered by hydroelectricity from the Itaipu Dam.
HIVE is now mining approximately 9 Bitcoin per day, operating at a fleet-wide efficiency of 18 joules per terahash (J/TH) and generating a mining margin of 55% after power costs, based on a US$0.05/kWh rate.
With final installations underway, the company said it is ahead of schedule in its push toward a 25 EH/s target by U.S. Thanksgiving.
“Reaching 20 EH/s is a major validation of our disciplined growth strategy,” said Aydin Kilic, CEO. “We are currently 2% of the global Bitcoin mining infrastructure, which is a significant milestone considering Bitcoin's market exceeds US$2 trillion.”
The company expects to reach 12 BTC per day once Phase 3 is fully operational, while improving efficiency to around 17.5 J/TH. More than 40% of the hardware for the expansion has already been delivered and is being installed, with the rest due by the end of the month.
Founded in 2017, HIVE operates data centres in Canada, Sweden, and Paraguay, all powered by renewable energy. Alongside its core Bitcoin mining activities, it is also building out artificial intelligence cloud infrastructure.
Chairman Frank Holmes said the company was proud to be scaling sustainably and making a positive impact locally. “Earlier this month, we cut the ribbon on our new Yguazú facility, and visited a local school in Valenzuela where HIVE’s support helped provide air conditioning and classroom upgrades,” he said.
The firm has also hired 40 engineers to support global operations, which now span nine time zones across three continents. Kilic noted that operational uptime in Paraguay is running at 99%, thanks to what he called “strong technical execution on the ground”.
HIVE continues to prioritise capital discipline, keeping corporate costs low relative to revenue. The company said it is focused on maximising return on invested capital as it scales further into Bitcoin and AI infrastructure.