HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) earlier this week reported a record 289 Bitcoin mined in October, supported by major infrastructure expansion and a continued focus on operational efficiency.
The company told investors that mining capacity has grown from 6 Exahash to 24 Exahash, with 25 installed. It said the increase in hash rate is helping generate strong cash flow, despite rising global network difficulty.
HIVE is reinvesting these proceeds into its high-performance computing (HPC) segment. The company highlighted its “dual engine” model using Bitcoin mining to finance Tier 3+ data center development in Canada and Sweden.
“We’ve got this incredible 24 Exahash of Bitcoin mining capacity, which is pushing off cash from those operations,” CFO Darcy Daubaras said. “And we’re using that cash to build up our high performance computing data centers.”
The company noted ongoing development in Toronto and New Brunswick, alongside existing operations in Montreal and Sweden. The New Brunswick site has an 80 MW transformer and is being converted into Tier 3 HPC infrastructure.
HIVE said it is focused on long-term sustainability and avoids high leverage.
On mining efficiency, the company reported an average of 17.5 joules per terahash, with over 2% of the global network share. It said regular upgrades to its mining fleet, particularly in Paraguay, remain a key priority.