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Bitcoin miner Hive Digital Technologies announced Jan. 2 it has reached an operating hashrate of 6.0 Exahashes per second (EH/s).
This marks a 47% year-on-year growth, from 4.08 EH/s at the end of 2023.
Hive is predicted to reach 15 EH/s by 2025
The company said upgraded its Bitcoin mining rig with advanced Avalon machines from Canaan Inc. These upgrades have significantly improved performance and capacity.
Bitcoin miners can now process more transactions at low costs. In addition to expanding its operating capacity, Hive has secured highly competitive energy prices in Sweden with electricity prices below 2 cents per kilowatt-hour.
Looking Ahead, Hive Predicts Significant Growth in Bitcoin Mining Capacity.
The company expects to reach a global hashrate capacity of 15 EH/s by the end of 2025. In comparison, Bitcoin miners Marathon Digital reached a total active hashrate of 36.9 EH/s in Q3, 2024.
Hive’s 2025 hashrate target is driven by the full implementation of the 100 MW hydroelectric expansion project in Paraguay. This will allow Hive to optimize the efficiency of the rig, aiming for an efficiency of 17 joules per terahash (J/TH).
“After overcoming the company’s 2nd Bitcoin Halving, HIVE is setting a new standard for efficiency and innovation in Bitcoin mining. By optimizing our existing rig and securing prices for our Swedish operations, we not only reduce the cost of Bitcoin production, but also improve our return on investment and pave the way for strong growth next year. 2025,” said Frank Holmes, a leader at Hive.
Interestingly, Hive also decided to move its headquarters to Texas from Vancouver, Canada, citing President-elect Donald Trump’s pro-Bitcoin stance as a key reason.
“HIVE is coming to San Antonio, Texas! We are moving our headquarters to the United States taking advantage of Texas’ favorable business environment, strong blockchain ecosystem, and renewable energy opportunities. We also converted to US GAAP reporting to accommodate investors,” the company said in a statement tweet.
Following Donald Trump’s victory in the 2024 US Presidential election, the cryptocurrency market has experienced a sharp increase in adoption and investment. Furthermore, Hive also talked about how the new administration will make the United States a safer and more attractive place for Bitcoin miners.
“The unprecedented depth and scope of the U.S. capital markets is key to our growth strategy. The US market, with a capitalization of $40 trillion and a daily trading volume of $500 billion, provides HIVE with the liquidity, visibility, and valuation opportunities we need to grow,” said President. Hive President Frank Holmes explains.
Texas is also one of the largest Bitcoin mining hubs, with companies such as Marathon Digital, Riot Platform, Bitdeer and many others operating in the state.
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