HIVE Digital Technologies, a trailblazer in sustainable blockchain infrastructure, has unveiled ambitious plans to achieve 150% growth by the end of 2025, following a robust operational performance in 2024.
The company reported reaching an operational hashrate of 6.0 Exahashes per second (EH/s)—a significant 47% increase from its 4.08 EH/s at the close of 2023. This growth has been driven by deploying state-of-the-art Avalon mining machines from Canaan Inc., boosting efficiency and operational capacity.
Adding to its competitive edge, HIVE has secured electricity costs below two cents per kilowatt-hour in Sweden, positioning itself as a cost-leader in the Bitcoin mining industry.
Scaling to 15 EH/s by 2025 with Hydropower Expansion in Paraguay
HIVE’s roadmap includes scaling its mining power to 15 EH/s by 2025, supported by a 100 MW hydroelectric-powered facility in Paraguay. This expansion will improve operational capacity and elevate the efficiency of its mining fleet to 17 joules per terahash (J/TH).
Frank Holmes, HIVE’s Executive Chairman, remarked:
“By optimizing our fleet and securing favorable energy costs in Sweden, we are reducing Bitcoin production costs, increasing ROI, and setting the stage for transformative growth in 2025.”
Cost Efficiency and Competitive Energy Pricing
HIVE’s low energy costs in Sweden—less than two cents per kilowatt-hour—underscore its strategic focus on operational efficiency. This advantage is bolstered by the company’s hedged energy position, enabling cost stability and predictability.
The Paraguay facility represents a critical step in the company’s expansion, integrating sustainable hydropower to enhance productivity and align with global carbon neutrality goals.
Competitive Landscape in Bitcoin Mining
HIVE’s ambitious growth plan comes amid heightened competition in the Bitcoin mining sector.
- Argo Blockchain: Reported $3.4 million in December 2024 mining revenue despite a drop in production from 46 BTC to 39 BTC. Argo faced challenges like falling mining margins (down to 8%) and reduced revenue in Q3, but it successfully cut net losses to $6.3 million.
- BitFuFu: Launched its private Bitcoin mining pool, BitFuFu Pool, offering a competitive 0.4% commission rate. With a capacity of 2.4 EH/s, BitFuFu mined 84 BTC in November 2024 and expanded into Ethiopia by acquiring an 80 MW facility, leveraging low energy costs to optimize production.
Future Outlook for HIVE and the Industry
HIVE’s combination of next-generation hardware, low operational costs, and renewable energy integration sets it apart in a rapidly evolving market.
The company’s ambitious 150% growth target by 2025 aligns with the industry trend of scaling operations while addressing challenges like energy costs and environmental sustainability.
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Keywords: HIVE Digital Technologies, Bitcoin mining, operational growth, renewable energy, CentBit Online.
