HIVE Digital Technologies reported mining 89 Bitcoin in February, raising its total to 2,620. The company is advancing its Paraguay expansion with plans to quadruple its hashrate by September 2025 and expects to achieve substantial revenue growth in its GPU business.
HIVE Digital Technologies recently announced that it mined 89 Bitcoin (BTC) in February, increasing its total BTC holdings to 2,620, worth approximately $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, yielding a daily average production of 3.2 BTC.
To fund capital investments, HIVE strategically sold a portion of its BTC assets, including investments in Bitfarms’ hydro-powered Bitcoin mining facilities located in Paraguay. Executive Chairman Frank Holmes emphasized the company’s aim to align quality leadership with a focus on Bitcoin and AI.
CEO Aydin Kilic reaffirmed HIVE’s commitment to its Paraguay expansion, with an ambitious goal to increase its hashrate to 25 EH/s by September 2025. “We are focused on executing a transformative year that positions HIVE as one of the largest and most efficient Bitcoin miners in the world,” said Kilic.
The company is also on schedule to complete construction and start phased miner deployment at its 100 MW Yguazú and 100 MW Valenzuela sites by Q2 2025, aiming for an operational capacity of 18 EH/s.
Kilic noted that HIVE achieved annualized run-rate revenue of $13 million from its high-performance GPU business unit in late February, with a target of $20 million by the second quarter of this year. The continued rollout of new GPU servers is anticipated to support AI processing efforts.
Recently, HIVE executives visited the Bitfarms Yguazú site to review the construction process. Chief Operating Officer Luke Rossy expressed satisfaction with their observations, looking forward to finalizing the acquisition of Bitfarms’ 200 MW Yguazú site in the first quarter of 2025. HIVE also reported advancements at its Valenzuela facility, which is on track for energization by June 2025.
In summary, HIVE Digital Technologies reported a positive production output in February, with significant plans for growth through its Paraguay expansion. The company is strategically investing in capital assets while maintaining its operational focus on Bitcoin mining and high-performance computing. As HIVE continues to navigate these transformative initiatives, it positions itself as a prominent entity in the cryptocurrency market, with ambitious targets for future growth.
Original Source: www.proactiveinvestors.com
