HIVE Digital Technologies Reports February Bitcoin Production and Expansion Plans

HIVE Digital Technologies reported the production of 89 Bitcoin in February, increasing total holdings to 2,620 valued at $220 million. The company plans to bolster its capacity in Paraguay and aims to quadruple its hashrate by September 2025. HIVE is also advancing its high-performance computing segment, targeting $20 million in annualized revenue by Q2 2025.

HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) announced the mining of 89 Bitcoin (BTC) in February, raising its total BTC holdings to 2,620, which is valued at $220 million as of February 28. The company achieved an average mining capacity of 5.6 exahash per second (EH/s), peaking at 6.2 EH/s. Daily production averaged at 3.2 BTC, according to their latest release.

HIVE made a strategic move by selling part of its BTC holdings to fund capital investments in Bitfarms’ 200-megawatt hydro-powered Bitcoin mining facilities located in Paraguay. Frank Holmes, Executive Chairman of HIVE, stated, “As we continue to expand and strengthen our executive team, we are aligning top-tier leadership with our strategic focus on two of the most transformative trends of our time—Bitcoin and AI.”

The appointment of Craig Tavares as President and Chief Operating Officer of Buzz HPC demonstrates HIVE’s commitment to innovation in high-performance computing and GPU cloud services. Aydin Kilic, CEO of HIVE, confirmed that the company’s expansion in Paraguay is on schedule, with plans to increase its hashrate to 25 EH/s by September 2025.

Kilic emphasized, “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 commencing phased miner deployment at its 100 MW Yguazú and 100 MW Valenzuela sites in Q2 2025, aiming for 18 EH/s and 18 J/TH by June 30.

Additionally, Kilic reported progress in HIVE’s high-performance computing GPU unit, indicating that the company achieved $13 million in annualized run-rate revenue from its GPU fleet in the last week of February. Plans to reach $20 million in annualized run-rate revenue by Q2 remain on target, supported by new GPU servers for AI processing.

The executive team recently assessed progress at the Bitfarms Yguazú site in Paraguay, with Luke Rossy, Chief Operating Officer, expressing satisfaction with the site’s development. They are enthusiastic about finalizing the strategic acquisition of Bitfarms’ 200 MW Yguazú site in Q1 2025, while the 100 MW Valenzuela facility is on track for energization by June 2025.

In summary, HIVE Digital Technologies reported significant Bitcoin production and strategic investments in Paraguay. With leadership changes aimed at innovation, the company is well-positioned for expansion and growth in both Bitcoin mining and high-performance computing. The progress reported reinforces HIVE’s commitment to becoming a leading player in the digital asset and AI sectors, as they work towards ambitious targets for hashrate and revenue.

Original Source: www.proactiveinvestors.com