HIVE Digital Technologies Ltd (NASDAQ: HIVE) (CVE: HIVE) grew its operational hashrate to 6 Exahashes per second (EH/s), which is a 47 per cent increase from 4.08 EH/s as of December 31, 2023.
The company disclosed this information on Thursday, spurred on by its upgrading its Bitcoin mining fleet with Avalon machines from Canaan Inc (NASDAQ: CAN), which has worked to improve both efficiency and capacity.
Hashrate refers to the total computational power used to process and validate transactions on a blockchain, such as Bitcoin, by solving complex mathematical problems through cryptographic hashing. Measured in hashes per second (H/s), it indicates the speed at which miners can generate potential solutions, also known as “hashes,” for the cryptographic puzzles required to add a new block to the blockchain.
HIVE Digital secured highly competitive energy pricing in Sweden, reducing electricity costs to below 2 cents per kilowatt-hour and boosting its cost-efficiency and profitability. The company aims to expand its global hashrate capacity to 15 EH/s by the end of 2025. It will achieve a fleet efficiency of 17 joules per terahash (J/TH) by deploying its 100 MW hydroelectric-powered expansion in Paraguay.
“After successfully navigating our second Bitcoin Halving event as a company, HIVE is setting a new standard for efficiency and innovation in Bitcoin mining,” said Frank Holmes, executive chairman for Hive.
“By optimizing our existing fleet and securing attractive pricing for our operations in Sweden, we are not only driving down Bitcoin production costs but also enhancing return on investment and paving the way for transformative growth in 2025.”
Read more: Marathon Digital Holdings finds use for excess heat leftover from Bitcoin mining
Read more: Two tech companies tackle existential quantum threat to blockchain
Hive relocates to more crypto-friendly Texas
Last week, the company acquired and deployed advanced Nvidia Corp H100 and H200 GPU clusters in Quebec, Canada. This strategic USD$30 million investment strengthens HIVE’s position in artificial intelligence (AI) and high-performance computing (HPC) while enhancing its role in the digital transformation landscape.
Additionally, HIVE announced at the end of last year that it will relocate its head office from Vancouver, Canada, to San Antonio, Texas, and transition to US GAAP reporting.
HIVE has moved to the U.S. to go where blockchain innovation is happening and also to take advantage of wider cryptocurrency adoption. British Columbia’s government hasn’t exactly made the province welcoming to blockchain, and bitcoin in particular, having banned cryptocurrency mining and stalled innovation, pointing at environmental issues.
It doesn’t hurt that the United States and Texas in particular has opened their doors (and wallets) to cryptocurrency mining. Texas stands out because of its supportive business climate and energy infrastructure.
President-elect Donald Trump emphasizes innovation in his pro-Bitcoin stance and aims to create a regulatory framework that benefits the cryptocurrency ecosystem. He has stated that his leadership will make America a safer and more attractive place for Bitcoin miners by ensuring the U.S. has the cheapest energy globally, fostering innovation, and supporting cryptocurrency operations.
This policy direction aligns with HIVE’s strategic goals and strengthens its relationships with U.S.-based investors and partners.
.
