Bitcoin Miner Hive Digital Technologies Sees 47% Year-Over-Year Growth in Operational Hashrate
In a significant milestone for the cryptocurrency mining industry, Hive Digital Technologies announced on January 2 that it has achieved an impressive 6.0 Exahashes per second (EH/s) in operational hashrate. This represents a substantial 47% year-over-year growth from the 4.08 EH/s recorded at the close of 2023.
Upgrades and Expansion Drive Growth
So, what’s behind this remarkable growth? Hive attributes its success to upgrading its Bitcoin mining fleet with advanced Avalon machines from Canaan Inc. These upgrades have not only boosted operational efficiency but also increased capacity, enabling the company to process more transactions at a lower cost. Additionally, Hive has secured highly competitive energy pricing in Sweden, locking in electricity costs at sub-2-cent rates per kilowatt-hour.
Looking Ahead: 15 EH/s by 2025
Hive is projecting substantial growth in its Bitcoin mining capacity, with a goal of reaching a global hashrate capacity of 15 EH/s by the end of 2025. To put this into perspective, Bitcoin miner Marathon Digital recently reported an overall operational hashrate of 36.9 EH/s in Q3, 2024. Hive’s 2025 hashrate outlook is driven by the full deployment of a 100 MW hydroelectric-powered expansion in Paraguay, which will allow the company to optimize its fleet efficiency further, aiming for a blended fleet efficiency of 17 joules per terahash (J/TH).
A New Standard for Efficiency and Innovation
According to Frank Holmes, an executive at Hive, “After successfully navigating our second Bitcoin Halving event as a company, HIVE is setting a new standard for efficiency and innovation in Bitcoin mining. By optimizing our existing fleet and securing attractive pricing for our operations in Sweden, we are not only driving down Bitcoin production costs but also enhancing return on investment and paving the way for transformative growth in 2025.”
Relocating to Texas: A Strategic Move
In a surprising move, Hive has decided to relocate its headquarters to Texas from Vancouver, Canada, citing President-elect Donald Trump’s pro-Bitcoin stance as a key reason. The company is embracing Texas’ business-friendly climate, robust blockchain ecosystem, and renewable energy opportunities. This move is expected to provide Hive with access to the US capital markets, which will be crucial for its growth strategy.
The Future of Bitcoin Mining in the US
The relocation to Texas is a strategic move, given the state’s reputation as one of the largest Bitcoin mining hubs. Companies like Marathon Digital, Riot platforms, and Bitdeer are already operating in the state. With the new administration’s pro-Bitcoin stance, the US is poised to become a safer and more attractive place for Bitcoin miners.
What’s Next for Hive?
As Hive continues to expand its operations and optimize its fleet efficiency, it will be interesting to see how the company achieves its goal of reaching 15 EH/s by 2025. With its strategic relocation to Texas and access to the US capital markets, Hive is well-positioned for transformative growth in the coming years.
What do you think about Hive’s growth prospects and the future of Bitcoin mining in the US? Share your thoughts in the comments below!
Source: Beincrypto.com
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