Source: financemagnates, 7/2/2024
HIVE Digital Technologies, Wall Street’s publicly listed Bitcoin mining company (NASDAQ: HIVE), announced its January production results along with a significant expansion in Paraguay.
Despite a general slowdown in the industry and a decline in production reported by other miners, HIVE managed to maintain its levels from late 2024.
HIVE Digital announced strong performance in January
The block chain infrastructure provider mined 102 bitcoins in January while maintaining an average hash rate of 5.7 exahaches per second (EH/s). The company’s bitcoin holdings stood at 2,657 bitcoins, with an approximate value of $271 million at the end of the month, reflecting a 34% year-on-year increase.
HIVE operations in January maintained strong efficiency metrics, achieving an average daily output of 3.3 BTC, equivalent to 18 BTC per EXAHAhC. The company’s mining fleet operates at a rate of 22 joules per terahash, with maximum performance reaching 6 EXAHz/s for bitcoin mining only and 6.4 exahertz/s for the Bitcoin equivalent hash rate.
Aiden Killick, Chairman and CEO of HIVE, commented: “We are targeting a hybrid fleet efficiency of 16.5 joules/terahaches, placing HIVE among the most energy-efficient Bitcoin mining companies globally. With industry consistently top operating efficiency ratings, we remain committed to operational excellence”.
At the end of 2024, the company announced its decision to move its headquarters from Vancouver, Canada, to San Antonio, Texas, signaling a strategic shift towards the U.S. market..
Mining companies face challenges in 2025
Compared to December 2024, HIVE mined one less bitcoin, a strong result compared to its competitors. This week, Finance Magnates reported that major U.S. bitcoin mining companies saw a drop in production in January, as weather-related disruptions and a rising hash rate weighed on operations.
For example, Marathon Digital Holdings (NASDAQ: MARA), one of the largest mining companies in the industry, saw a 12% drop in monthly production, mining 750 bitcoins in January compared to 865 in December.
Meanwhile, Hut 8 (NASDAQ: HUT) focused on infrastructure upgrades during the month, but its bitcoin production fell to 65 BTC from 89 BTC the previous month.
Expansion into Paraguay
HIVE also revealed plans to purchase a 200 MW hydroelectric Bitcoin mining facility from Bit farms in Paraguay. The acquisition is expected to push HIVE’s global bitcoin mining hash rate to 25 exacts/s by September 2025, representing a 317% increase from current levels.
Frank Holmes, CEO of HIVE, stated: “This acquisition makes us one of the largest Bitcoin mining operators in Latin America. We are deepening our relationship with Paraguayan President Santiago Peña and senior political leaders to support our growing presence there, which will bring mutual economic benefits to HIVE shareholders and the local community.”
The company estimates the total net cost of completing the Bit farms site at about $400,000 per megawatt. Upon completion, HIVE’s total operating capacity is expected to reach approximately 430 MW by the third quarter of 2025.
The company also strengthened its leadership team by appointing Gen. John R. Evans, Jr. to the Global Strategic Advisory Committee.
