HIVE’s Hashrate Hits 16 EH/s as Bitcoin Mining Expansion Accelerates

HIVE Digital Technologies Ltd. announced it has crossed the 16 exahash per second (EH/s) mark in global Bitcoin hashpower, keeping momentum toward its ambitious 25 EH/s target by U.S. Thanksgiving.

Bitcoin Miner HIVE Targets 25 EH/s, Stock Climbs 10% in 5 Days

Since May, HIVE explained that this ramp-up has more than doubled the company’s daily bitcoin (BTC) output, which now tops 8 BTC. The boost comes from the swift rollout of next-generation Bitmain S21+ Hydro miners at its Yguazú facility in Paraguay, according to the company.

More than 5 EH/s of capacity is already humming there in Phase 2, with shipments of fresh rigs landing weekly. HIVE said Phase 3 will kick off at its Valenzuela site in September. The final leg of the company’s fully funded expansion plan is expected to lift daily production to nearly 12 BTC, based on today’s network difficulty.

The company also expects its global fleet efficiency to sharpen to about 18.4 joules per terahash (J/TH). With bitcoin trading around $113,000 per coin and network difficulty set at 129T, HIVE estimates its mining margin after electricity expenses hovers close to 60%.

Launched in 2017, HIVE Digital Technologies builds and runs sustainable blockchain and AI data centers fully powered by renewable hydroelectric energy, spanning Canada, Sweden, and Paraguay. Year-to-date, the stock is down 8%, but it has jumped more than 10% over the past five trading days.

HIVE carries a market capitalization of $557 million with 214,305,000 shares outstanding. Treasury data, for BTC miners only, shows the company holds roughly 610 BTC, valued at over $68 million.