HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) executive chairman Frank Holmes talked with Proactive about the company’s record September results and continued growth following the recent Bitcoin halving.
Holmes explained that Hive Digital produced 267 Bitcoin, up from 112 a year earlier, while Bitcoin’s price doubled from around $60,000 to $120,000.
Proactive: Welcome back inside our Proactive newsroom. Joining me now is Frank Holmes, the Executive Chair of Hive Digital Technologies. Frank, it’s good to have you back again. How are you?
Frank Holmes: I’m feeling fantastic today. I see that the press release really excited investors.
You’re talking about your September 2025 numbers, and again, Frank, this just shows the power of Bitcoin mining—it continues to be strong.
I think what’s really important is that Hive is a turbocharged, dual-engine data center business. It’s not just about Bitcoin mining and building out those data centers. It’s also about high-performance computing and building out sovereign data centers in Canada. Those two engines are now making investors take another look at the business.
If you look at the broader sector, data centers trade at around 20 times EBITDA, and here’s Hive trading at five times EBITDA. I think we’re going through that rerating. Every time we hit a new Exahash level, we’ve reported it, because it’s a material increase—now almost $20 million in additional annual revenue. We still have more Exahash capacity to build over the next three months.
You saw a 130% increase year over year compared to Bitcoin operations in September 2024. It seems that both parts of your business are performing very strongly.
Yes, exactly. A year ago, after the halving, we produced 112 Bitcoin when the price averaged around $60,000. Now it’s $120,000, and we’ve produced 267 Bitcoin. So not only are we expanding our production, but the Bitcoin price has doubled. That’s really positioned us strongly—today we’re doing over $1 million in revenue a day, and we account for about 2% of the global Bitcoin network.
Talk to me a little about the work going on in Venezuela. You mentioned progress in your news release on the build-out there.
As fast as machines and equipment arrive from Asia, we plug them in. For Bitcoin mining, it takes about six hours to unpack and connect a machine. But when it comes to high-performance computing for AI using Nvidia chips, it takes about six weeks to rebuild because you’re effectively building a brain. That’s the difference—it’s much more complex. But both revenue models remain very robust.
Lastly, renewable hydroelectric energy continues to be central to your operations.
Yes, renewable energy is really the heart of our story. We stay focused on sourcing renewable power as we grow. We’re seeing more opportunities in Paraguay, where the government supports the Bitcoin ecosystem. That ecosystem is a stepping stone to high-performance computing by hyperscalers. In the U.S., for example, Bitcoin miners have already been converting flare gas, wind farms, and solar energy sites into AI and data-center operations. It’s a huge growth opportunity.
Quotes have been lightly edited for clarity and style