Bitcoin miner HIVE targets 150% growth by 2025-end after 47% YoY operational surge in 2024

Canadian mining company HIVE Digital Technologies reached 6.0 EH/s in operational hashrate, marking a 47% increase year-on-year.

Bitcoin (BTC) miner HIVE Digital Technologies reached a major milestone, reaching 6.0 exahashes per second in operational hashrate, marking a 47% increase from 4.08 EH/s at the end of 2023. The growth was due to the upgrade of its Bitcoin mining fleet with the latest Avalon machines from Canaan Inc., the Vancouver-based company said in a Jan. 2 press release.

Alongside the fleet upgrade, HIVE has also secured competitive energy pricing in Sweden, with electricity costs below two cents per kilowatt-hour. This helps keep operating costs manageable and increases profitability. The firm’s protected energy position in Sweden supports its focus on cost-effective operations.

Looking ahead, HIVE has big plans. The company is still targeting a global hashrate of 15 EH/s, but this time the company is changing the timeline to achieve it: from summer to the end of 2025. This will be supported by a 100 MW hydroelectric powered expansion in Paraguay. The company is expected to bring fleet efficiency to 17 joules per terahash.

Frank Holmes, HIVE’s executive chairman, stated that HIVE has now “set a new standard for efficiency and innovation in Bitcoin mining” after successfully executing the firm’s second Bitcoin halving event.

“By optimizing our existing fleet and securing attractive pricing for our operations in Sweden, we are not only reducing Bitcoin production costs, but also increasing return on investment, paving the way for transformative growth in 2025,” he added.

In late 2024, HIVE significantly expanded its mining operations by purchasing 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s from Bitmain’s S21+ Hydro machines. This deal was part of the firm’s plan to reach a total mining capacity of 15 EH/s, and the acquisition was expected to generate annual revenues of over $300 million when fully operational.