By Meg Flippin, Benzinga
DETROIT, MICHIGAN - May 15, 2025 (NEWMEDIAWIRE) - HIVE Digital Ltd. (NASDAQ: HIVE), the data center infrastructure company with a focus on sustainability, achieved a new milestone at its Yguazù facility in Paraguay, surpassing 7 Exahash per second or EH/s of global mining hashrate.
This marks a 10% month-over-month increase of its peak hashrate and comes on the heels of the company completing the buildout of a 100 megawatt air-cooled data center at its Paraguay facility, which it acquired from Bitfarms last year. With new ASIC miners continuing to come online, the San Antonio, Texas-based bitcoin miner expects to grow by an additional 1 EH/s every two weeks. At that growth rate, HIVE says it is among the world’s fastest-growing Bitcoin miners.
The company’s new 100 MW hydro-powered facility, coupled with the infrastructure it acquired from Bitfarms, has enabled HIVE to add about 1 EH/s of additional capacity each month and HIVE expects that to increase to 1 EH/s every two weeks as new hardware arrives. As a result, the company says it's still on track to reach its Phase 1 target of 11.5 EH/s by the end of June.
Investors Take Notice
Investors have taken notice of HIVE’s recent growth initiatives, with the stock trending upward since late April. Notably, HIVE is pursuing expansion without relying on debt, a strategy that resonates well with many investors seeking financially disciplined companies. The industry is littered with bitcoin miners that collapsed under the weight of excessive debt when market conditions turned against them. HIVE uses proceeds from its Bitcoin mining to fund its expansion, as well as from an October 2024 Equity Distribution Agreement, which resulted in gross proceeds of $67.4 million. The company says it’s fueling its entire growth with green energy, a key advantage for ESG-conscious investors, especially considering the high energy demands of Bitcoin mining.
“We’re excited by the traction we’re gaining after acquiring Bitfarms’ assets and launching our own site in Paraguay. This expansion provides HIVE with a strategic advantage to scale production using clean hydroelectric power,” says Frank Holmes, Co-Founder and Executive Chairman of HIVE. “With the Bitcoin price back above $100,000 as of this news release, we expect to reach six Bitcoin per day by the end of June, nearly doubling April’s average daily production.”
For April, HIVE reported it produced 102 Bitcoin, averaging 3.4 BTC per day or 15.8 BTC per Exahash. For the month, HIVE achieved an average hashrate of 6.5 EH/s and fleet efficiency of 20.7 joules per terahash. The miner’s peak hashrate during April reached 6.6 EH/s.
Bitcoin Surges Amid Hopes Of Tariff Relief
Last week, Bitcoin exceeded $100,000 for the first time since the early days of February on news of the U.K. and the U.S. reaching a deal over tariffs, revitalizing hopes that the Trump Administration will ink more trade deals that will limit the impact of tariffs. Bitcoin and stocks have been under pressure ever since Trump announced sweeping tariffs in early April, as spooked investors worried about the economy re-assessed their portfolios. But with progress appearing to be underway with trade deals, Bitcoin reversed course last week and entered $100K+ territory again.
Nonetheless, HIVE says it is remaining vigilant, as global supply chain challenges and trade tensions over tariffs could introduce potential disruptions. It's why the company said it's focused on streamlining operations and keeping costs at bay. “Our disciplined capital allocation, including the redeployment of 30 MW of BUZZ Miners, has already saved us $27 million in capex, accelerating our near-term growth,” says Holmes. The initial 100 MW buildout at the Yguazú site uses a mix of proprietary BUZZ Miners and the latest Bitmain S21+ air-cooled units. By the end of May, HIVE expected the site to have over 20,000 machines mining for Bitcoin.
More Expansion Underway
But HIVE isn’t stopping there. The company also announced the second phase of expansion – its second 100 MW facility in Paraguay – is underway. Shipments of more than 13,400 Bitmain S21+ Hydro ASIC miners and the Bitmain Hydro AntSpace containers are expected to begin arriving in early June. Those machines alone will add 4.3 EH/s to the company’s global footprint. HIVE said the Phase 2 expansion will add an additional 6.5 Exahash of Bitmain S21+ Hydro ASICs, bringing its total hashrate to 18 EH/s by the end of summer.
Looking ahead to the remainder of the year, HIVE's Chief Operating Officer Luke Rossy said the company is preparing its Valenzuela site for an additional 100 MW of air-cooled containers. Deployment is expected to ramp up between August and November, positioning HIVE to surpass 25 EH/Hs globally and establishing the company “among the largest Bitcoin miners in the world.”
While Bitcoin has faced a downturn in recent months, last week’s price surge signals it’s far from out. HIVE sees the opportunity and is doubling down, scaling its operations to mine Bitcoin at an accelerated pace. With Phase 2 of the buildout of its Yguazù facility in Paraguay underway and even more expansion coming online this summer, HIVE is making a concerted effort to scale strategically as it aims to become one of the world’s largest Bitcoin miners.
Featured image by Dmytro Demidko on Unsplash.
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