HIVE Digital Technologies Achieves Milestone of 6 EH/s of Hashrate Capacity
HIVE Digital Technologies has achieved a significant milestone of 6.0 Exahashes per second (EH/s) of operational hashrate, representing a 47% year-over-year growth from 4.08 EH/s at December 31, 2023. This advancement was accomplished through the upgrade of their Bitcoin mining fleet with new Avalon machines from Canaan Inc.
The company has secured competitive energy pricing in Sweden with electricity costs below 2 cents per kilowatt-hour. HIVE projects reaching 15 EH/s of global hashrate capacity by the end of 2025, targeting a blended fleet efficiency of 17 joules per terahash (J/TH) following the completion of their 100 MW hydroelectric-powered expansion in Paraguay.
HIVE Digital Technologies ha raggiunto un traguardo significativo di 6,0 Exahashes al secondo (EH/s) di hashrate operativo, rappresentando una crescita del 47% su base annua rispetto ai 4,08 EH/s del 31 dicembre 2023. Questo avanzamento è stato ottenuto grazie all'aggiornamento della loro flotta di mining Bitcoin con nuove macchine Avalon di Canaan Inc.
L'azienda ha ottenuto prezzi competitivi per l'energia in Svezia, con costi elettrici inferiori a 2 centesimi per kilowattora. HIVE prevede di raggiungere 15 EH/s di capacità globale di hashrate entro la fine del 2025, puntando a un'efficienza complessiva della flotta di 17 joules per terahash (J/TH) al termine della loro espansione idroelettrica da 100 MW in Paraguay.
HIVE Digital Technologies ha alcanzado un hito significativo de 6.0 Exahashes por segundo (EH/s) de tasa de hash operativa, lo que representa un crecimiento del 47% interanual desde 4.08 EH/s al 31 de diciembre de 2023. Este avance se logró a través de la actualización de su flota de minería de Bitcoin con nuevas máquinas Avalon de Canaan Inc.
La compañía ha asegurado tarifas eléctricas competitivas en Suecia, con costos de electricidad por debajo de 2 centavos por kilovatio-hora. HIVE proyecta alcanzar 15 EH/s de capacidad global de tasa de hash para fines de 2025, con el objetivo de lograr una eficiencia combinada de flota de 17 joules por terahash (J/TH) tras la finalización de su expansión hidroeléctrica de 100 MW en Paraguay.
HIVE 디지털 기술은 운영 해시레이트에서 6.0 엑사해시/초 (EH/s)라는 중요한 이정표를 달성했으며, 이는 2023년 12월 31일 4.08 EH/s에서 47%의 연간 성장률을 나타냅니다. 이 발전은 Canaan Inc.의 새로운 Avalon 기계로 비트코인 채굴 플릿을 업그레이드하여 이루어졌습니다.
회사는 스웨덴에서 킬로와트시당 2센트 이하의 전기 요금으로 경쟁력 있는 에너지 가격을 확보했습니다. HIVE는 2025년 말까지 15 EH/s의 전세계 해시레이트 용량에 도달할 것으로 예상하며, 파라과이에서 100 MW 수력 발전 확장 완료 후 17 줄/테라해시 (J/TH)의 혼합 플릿 효율성을 목표로 하고 있습니다.
HIVE Digital Technologies a atteint une étape importante de 6,0 Exahashes par seconde (EH/s) de taux de hachage opérationnel, représentant une augmentation de 47% d'une année sur l'autre par rapport à 4,08 EH/s au 31 décembre 2023. Cette avancée a été réalisée grâce à la mise à niveau de leur flotte de minage de Bitcoin avec de nouvelles machines Avalon de Canaan Inc.
L'entreprise a sécurisé des tarifs énergétiques compétitifs en Suède avec des coûts d'électricité inférieurs à 2 cents par kilowattheure. HIVE projette d'atteindre 15 EH/s de capacité globale de taux de hachage d'ici la fin de 2025, visant une efficacité de flotte combinée de 17 joules par terahash (J/TH) à la suite de l'achèvement de leur expansion hydroélectrique de 100 MW au Paraguay.
HIVE Digital Technologies hat einen bedeutenden Meilenstein von 6,0 Exahashes pro Sekunde (EH/s) an betrieblichem Hashrate erreicht, was einem Wachstum von 47% im Jahresvergleich von 4,08 EH/s am 31. Dezember 2023 entspricht. Dieser Fortschritt wurde durch das Upgrade ihrer Bitcoin-Mining-Flotte mit neuen Avalon-Maschinen von Canaan Inc. erzielt.
Das Unternehmen hat in Schweden wettbewerbsfähige Energiepreise mit Stromkosten von weniger als 2 Cent pro Kilowattstunde gesichert. HIVE plant, bis Ende 2025 15 EH/s an globaler Hashrate-Kapazität zu erreichen und strebt eine gemischte Flotteneffizienz von 17 Joule pro Terahash (J/TH) nach Abschluss ihrer 100 MW großen, von Wasserkraft betriebenen Expansion in Paraguay an.
- 47% YoY growth in operational hashrate to 6.0 EH/s
- Secured sub-2-cent per kWh electricity rates in Sweden
- Planned expansion to 15 EH/s by end of 2025
- 100 MW hydroelectric-powered facility development in Paraguay
- None.
Insights
HIVE's achievement of 6.0 EH/s operational hashrate represents a substantial
The projected expansion to 15 EH/s by 2025's end, coupled with a 17 J/TH fleet efficiency target, indicates a well-planned scaling strategy. The 100 MW hydroelectric facility in Paraguay represents a strategic advantage, as renewable energy sources typically offer more stable long-term pricing compared to fossil fuel alternatives. The timing of this expansion aligns well with post-halving market dynamics, when efficient operations become important for maintaining profitability.
For context, in simple terms: Think of hashrate like mining power - HIVE has just upgraded their mining equipment to process Bitcoin transactions much faster and more efficiently. The electricity deals they've secured are like getting wholesale prices instead of retail, which means better profit margins even when Bitcoin prices fluctuate.
The sub-
In layman's terms: Imagine running a factory where electricity is your biggest cost. HIVE has managed to lock in extremely cheap electricity prices, similar to getting a bulk discount at a wholesale store. This means they can keep making money even when their competitors might be struggling with higher power bills.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated October 3, 2024 to its short form base shelf prospectus dated September 11, 2024.
Vancouver, British Columbia and San Antonio, Texas--(Newsfile Corp. - January 2, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (referred to as the "Company" or "HIVE"), a global leader in sustainable blockchain infrastructure, announced it has reached 6.0 Exahashes per second ("EH/s") of operational hashrate, marking a
This milestone was driven by upgrading the Company's Bitcoin mining fleet with state-of-the-art Avalon machines procured from Canaan Inc., boosting both the efficiency and capacity of its operations.
Furthermore, HIVE is proud that it has secured highly competitive energy pricing in Sweden, adding to its hedged position with electricity costs at sub-2-cent rates per kilowatt-hour and underscoring its commitment to enhancing operational cost-efficiency and profitability.
The Company anticipates reaching 15 EH/s of global hashrate capacity by the end of 2025, with a blended fleet efficiency of 17 joules per terahash ("J/TH") upon full deployment of its 100 MW hydroelectric-powered strategic expansion in Paraguay.
Executive Commentary:
Frank Holmes, Executive Chairman of HIVE, stated: "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."
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is a pioneering technology company advancing sustainable blockchain and AI infrastructure powered by green energy. As the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017, HIVE has grown into a global leader in digital asset mining and AI computing. With operations in Canada, Sweden, and soon Paraguay, HIVE continues to innovate while reducing its environmental footprint.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Nathan Fast, Director of Marketing and Branding
Frank Holmes, Executive Chairman
Aydin Kilic, President & CEO
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
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FAQ
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