HIVE Digital Technologies reported mining 89 Bitcoin in February, increasing its total to 2,620 BTC valued at $220 million. The company is advancing its expansion in Paraguay and plans to quadruple its hashrate to 25 EH/s by September 2025. HIVE’s focus on high-performance computing is projected to bolster its revenue significantly.
HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) announced its February Bitcoin production, reporting 89 BTC mined, which totals 2,620 BTC valued at $220 million as of February 28. The company maintained an average mining capacity of 5.6 exahash per second (EH/s), with a peak BTC-only hashrate of 6.2 EH/s and a daily production average of 3.2 BTC.
In a strategic move, HIVE sold a portion of its BTC holdings to invest in capital assets, specifically in Bitfarms’ 200-megawatt hydro-powered Bitcoin mining facilities located in Paraguay. Frank Holmes, Executive Chairman of HIVE, remarked, “As we continue to expand and strengthen our executive team, we are aligning top-tier leadership with our strategic focus on two of the most transformative trends of our time—Bitcoin and AI.”
Aydin Kilic, CEO of HIVE, confirmed that the company’s expansion efforts in Paraguay are progressing successfully, aiming to quadruple its hashrate to 25 EH/s by September 2025. He stated, “We are focused on executing a transformative year that positions HIVE as one of the largest and most efficient Bitcoin miners in the world.”
HIVE anticipates completing construction and beginning phased miner deployment at its 100 MW Yguazú and 100 MW Valenzuela sites in the second quarter of 2025, targeting 18 EH/s and 18 J/TH by June 30. Kilic emphasized the company’s advancement in high-performance computing, reporting $13 million in annualized run-rate revenue generated from its high-performance GPU fleet in the last week of February, targeting $20 million by the second quarter.
Additionally, HIVE’s executive team visited the Bitfarms Yguazú site in Paraguay to review construction progress, with COO Luke Rossy expressing satisfaction: “We were extremely pleased with the progress we witnessed there and are excited to finalize the strategic acquisition of Bitfarms’ 200 MW Yguazú site in Q1 2025.” Progress at the 100 MW Valenzuela facility remains on track for energization by June 2025.
In conclusion, HIVE Digital Technologies continues its strong performance in Bitcoin mining with significant production figures and strategic investments in Paraguay. The company’s ambitious plans to expand its mining capacity and high-performance computing revenue position it favorably in the cryptocurrency sector. HIVE’s leadership is committed to driving innovation and growth, aiming to establish itself as a leader in the Bitcoin mining industry.
Original Source: www.proactiveinvestors.com
