HIVE Digital Technologies Reports February Bitcoin Production and Expansion Plans
HIVE Digital Technologies reported mining 89 Bitcoin in February, maintaining an average capacity of 5.6 EH/s. The company is expanding its operations in Paraguay with plans to quadruple hashrate by September 2025 and has ambitions to reach $20 million in annual revenue from its GPU segment by Q2 2025.
HIVE Digital Technologies has reported its Bitcoin production figures for February, revealing the mining of 89 BTC that contribute to a total holding of 2,620 BTC, worth approximately $220 million as of February 28. The company maintained an average mining capacity of 5.6 exahash per second (EH/s) and achieved a peak hashrate of 6.2 EH/s, with daily production averaging 3.2 BTC.
In a strategic move, HIVE has sold a portion of its BTC holdings to invest in capital assets, including a 200-megawatt hydro-powered Bitcoin mining facility operated by Bitfarms in Paraguay. Frank Holmes, Executive Chairman of HIVE, emphasized the importance of aligning top-tier leadership with their focus on Bitcoin and AI, referring to the appointment of Craig Tavares as President and COO of Buzz HPC as indicative of their commitment to innovation.
Aydin Kilic, CEO of HIVE, confirmed that the company’s expansion efforts in Paraguay are progressing as planned, aiming to increase its hashrate to 25 EH/s by September 2025. He stated, “We are focused on executing a transformative year that positions HIVE as one of the largest and most efficient Bitcoin miners in the world.”
HIVE anticipates completing construction and initiating phased deployment at its 100 MW Yguazú and 100 MW Valenzuela sites by Q2 2025, targeting 18 EH/s and 18 J/TH by June 30. Kilic also noted the company’s strides in high-performance computing, stating they realized $13 million of annualized revenue in late February and are on track to meet their $20 million target for Q2 2025 as new GPU servers are launched for AI processing.
The executive team at HIVE recently visited the Bitfarms Yguazú site in Paraguay to evaluate construction progress, expressing satisfaction with the developments. As reported by Luke Rossy, Chief Operating Officer, significant advancements are also noted at the Valenzuela facility, which is scheduled for energization by June 2025.
In conclusion, HIVE Digital Technologies has demonstrated substantial growth in Bitcoin production and strategic expansions, particularly in Paraguay. With plans to scale its mining capacity significantly and enhance its high-performance computing capabilities, the company appears well-positioned for future success in the cryptocurrency sector. Key leadership appointments and investment initiatives further reinforce HIVE’s commitment to innovation and operational efficiency.
Original Source: www.proactiveinvestors.com
