HIVE
Digital Technologies, the publicly listed Bitcoin miner from Wall Street
(NASDAQ: HIVE), announced its January production results alongside a
significant expansion into Paraguay.
Despite the
overall slowdown in the industry and a decline in production reported by other
miners, HIVE managed to maintain its levels from late 2024.
HIVE Digital Reports
Strong January Performance
The blockchain
infrastructure provider mined 102 Bitcoin in January while maintaining an
average hashrate of 5.7 Exahash per second (EH/s). The company’s Bitcoin
holdings reached 2,657 BTC, valued at approximately $271 million at month-end,
reflecting a 34% increase year-over-year.
HIVE’s
January operations maintained strong efficiency metrics, achieving an average
daily production of 3.3 Bitcoin, equivalent to 18 BTC per Exahash. The
company’s mining fleet operated at 22 Joules per Terahash, with peak
performance reaching 6 EH/s for Bitcoin-only mining and 6.4 EH/s for
Bitcoin-equivalent hashrate.
“We are targeting a
blended fleet efficiency of 16.5 J/TH, positioning HIVE among the most
energy-efficient Bitcoin miners globally,” commented Aydin Kilic, President and
CEO of HIVE. “With consistent top industry rankings for uptime efficiency, we
remain committed to operational excellence.”
At the end of 2024, the company announced its decision to move its headquarters from Vancouver, Canada, to San Antonio, Texas, signaling a strategic shift toward the U.S. market.
Miners Face Challenges in
2025
Compared to December 2024, HIVE mined
just one less Bitcoin, which is a strong result relative to its competitors.
This week, Finance Magnates reported that major U.S. Bitcoin miners experienced
a drop in production in January, as weather-related disruptions and a rising
hashrate impacted operations.
For example, Marathon Digital Holdings
(NASDAQ: MARA), one of the largest miners in the industry, saw a 12% decline in
monthly production, mining 750 Bitcoin in January compared to 865 in December.
Meanwhile, Hut 8 (NASDAQ: HUT) focused
on infrastructure upgrades during the month, but its Bitcoin production fell to
65 BTC from 89 BTC the previous month.
HIVE’s January 2025 Bitcoin Production Update:🟠 102 Bitcoin Mined in January🟠 2,657 BTC in HODL PortfolioFull details: https://t.co/86eZDVIK2l pic.twitter.com/9TPv9jVlHK
— HIVE Digital Technologies (@HIVEDigitalTech) February 6, 2025
Paraguay Expansion
HIVE also unveiled
plans to acquire Bitfarms’ 200-megawatt hydro-powered Bitcoin mining facility in
Paraguay. The acquisition is expected to catapult HIVE’s global Bitcoin
mining hashrate to 25 EH/s by September 2025, representing a 317% increase from
current levels.
“This
acquisition makes us one of Latin America’s largest Bitcoin mining operators,” said Frank Holmes, Executive
Chairman of HIVE. “We
are deepening our relationship with Paraguay President Santiago Peña and key
political leaders to support our growing presence there, which will bring
mutual economic benefits for HIVE shareholders and the local community.”
The company
estimates the total net cost to complete the Bitfarms site at $400,000 per
megawatt. Upon completion, HIVE’s total operational capacity is projected to
reach approximately 430 MW by the third quarter of 2025.
The company
also strengthened its leadership team by appointing Lieutenant General (Ret.)
John R. Evans Jr. to its Global Strategy Advisory Committee.
This article was written by Damian Chmiel at www.financemagnates.com.
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