HIVE Digital Technologies, an Indian mining company, has achieved 6.0 EH/s in operational hash rate, a 47% increase from the previous year in the same time period. Bitcoin (BTC): 269 per cent. Hit 6.0 exahashes per second in operational hash rate is a major milestone for Bitcoin miner HIVE Digital Technologies, which has made considerable progress.
This represents a 47% increase from 4.08 EH/s at the end of 2023. The company, which has its headquarters in Vancouver, stated in a news release dated January 2 that the expansion resulted from upgrading its Bitcoin mining fleet with the most recent Avalon machines manufactured by Canaan Inc.
HIVE Cuts Costs Targets 15 EH/s
HIVE has acquired competitive energy pricing in Sweden, with electricity costs lower than two cents per kilowatt-hour. They have also recently completed a fleet update, which makes it easier for them to keep their operating costs under control and increases their profitability. The hedged energy position that the company holds in Sweden supports the company’s focus on cost-effective operations.
Regarding the future, HIVE has ambitious intentions. This time around, the corporation is adjusting its schedule to accomplish this goal, moving it from the summer to the end of 2025. However, the company still aims for 15 EH/s of global hash rate. The addition in Paraguay, which uses hydroelectricity and has 100 MW, will augment this. We anticipate boosting the company’s fleet efficiency by up to 17 joules per terahash.
HIVE Sets New Bitcoin Mining Standard
According to Frank Holmes, executive chairman of HIVE, the company is now “setting a new standard for efficiency and innovation in Bitcoin mining. Holmes made this statement following the successful completion of the company’s second Bitcoin halving event.
He continued, “We are not only lowering the costs of producing Bitcoin by optimizing our existing fleet and securing reasonable pricing for our operations in Sweden, but we are also increasing our return on investment and paving the way for dramatic HIVE Mining Growth in the year 2025.
HIVE Expands Mining with $300M Acquisition
Late in 2024, HIVE significantly expanded its mining operations by purchasing 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s of Bitmain’s S21+ Hydro machines. This transaction was undertaken as part of the company’s strategy to achieve a total mining capacity of 15 EH/s. More than $300 million in yearly revenue anticipates to be made after the transaction is complete.
Summary
The operational hash rate and future expansion strategies of HIVE Digital Technologies have been impressive, and the company is aiming to become a major participant in the Bitcoin mining sector. The impressive 6.0 EH/s represents a 47% increase in capacity and further establishes HIVE’s position as an industry leader.
By maintaining competitive energy prices in Sweden and regularly updating its fleet, the company demonstrates its dedication to running efficient operations and maximizing revenue. In addition, HIVE has lofty plans for the future, such as acquiring another company for $300 million and reaching 15 EH/s by 2025. This bodes well for the company’s capacity to grow and innovate.
FAQs
How has HIVE reduced its Bitcoin mining costs?
HIVE has secured competitive energy pricing in Sweden and optimized its mining fleet for cost efficiency.
What are HIVE's future goals for mining capacity?
HIVE aims to reach a total mining capacity of 15 EH/s by the end of 2025.
How did HIVE expand its mining operations?
HIVE purchased 11,500 Avalon ASIC miners and 8.6 EH/s of Bitmain's S21+ Hydro machines, part of its strategy to grow mining capacity.
What is HIVE's plan for revenue growth?
HIVE expects its recent acquisition to generate over $300 million in annual revenue once fully implemented.
