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Highlights
- Mined 102 BTC in January, increasing HODL portfolio to 2,657 BTC valued at $271 million.
- Strategic acquisition of 200 MW hydro-powered Bitcoin mining facility in Paraguay.
- Aiming for 25 EH/s mining capacity by September 2025, a 317% increase.
HIVE Digital Technologies Ltd. (TSXV:HIVE), a global leader in sustainable data center infrastructure, has announced its unaudited production results for January 2025. The Company continues to demonstrate solid performance in the cryptocurrency mining sector, highlighted by significant growth in its Bitcoin holdings and ongoing strategic investments in global mining operations.
Bitcoin Production and Holdings
In January 2025, HIVE mined 102 Bitcoin (BTC), bringing the Company’s HODL portfolio to a total of 2,657 BTC, valued at approximately $271 million based on a BTC closing price of around $102,000 on January 31, 2025. The Company’s Bitcoin holdings have increased by 34% year-over-year, underscoring HIVE’s ability to expand its digital asset portfolio. However, on a month-over-month basis, there was a slight decrease in BTC holdings as HIVE strategically sold a portion of its BTC to fund acquisitions and capital expenditures, including the acquisition of a 200 MW hydro-powered Bitcoin mining facility in Paraguay from Bitfarms Ltd..
Mining Capacity and Operational Efficiency
HIVE maintained a mining capacity of 5.7 Exahash per Second (EH/s) in January 2025, with an impressive peak BTC-only hashrate of 6 EH/s and a peak BTC-equivalent hashrate of 6.4 EH/s. The Company achieved an average daily production rate of 3.3 BTC, or 18 BTC per Exahash, highlighting its operational efficiency. As part of its commitment to energy efficiency, HIVE is investing in upgrades to its mining fleet to ensure long-term sustainability and reduce Bitcoin production costs.
Strategic Expansion and Investments
A significant development for HIVE in January 2025 was the acquisition of a 200 MW hydro-powered Bitcoin mining facility in Paraguay from Bitfarms Ltd. This acquisition is expected to significantly boost HIVE’s global Bitcoin mining hashrate to an anticipated 25 EH/s by September 2025, representing a 317% increase from its current capacity of 6 EH/s.
The total estimated cost to complete the Bitfarms site acquisition is $400,000 per MW, and when fully operational, combined with HIVE’s existing operations in Canada and Sweden, the Company expects its total operational capacity to reach approximately 430 MW by Q3 2025.
Efficiency and Long-Term Sustainability
In addition to expanding its mining capacity, HIVE is focused on maximizing operational performance and efficiency. The Company is investing its cash flow into upgrading its existing fleet with more energy-efficient mining machines. These upgrades aim to lower Bitcoin production costs and increase HIVE’s long-term sustainability in the competitive mining sector.
Leadership and Global Strategy
As part of its ongoing strategic initiatives, HIVE has expanded its leadership team with the appointment of Lieutenant General (Ret.) John R. Evans Jr. to the Global Strategy Advisory Committee. This move underscores HIVE’s commitment to expanding its global footprint, as data centers and digital infrastructure increasingly become a national security priority.
Executive Commentary
Frank Holmes, Executive Chairman of HIVE, expressed his enthusiasm about the Company’s growth trajectory, stating, “Our latest acquisition lays the foundation for transformational growth in 2025, expanding our operations 317% to 25 EH/s. This acquisition makes us one of Latin America’s largest Bitcoin mining operators. 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.”
Aydin Kilic, President and CEO of HIVE, added, “HIVE continues to execute strategic mergers and acquisitions in the industry. This expansion in Paraguay, funded by our strong balance sheet, aligns with our focus on maximizing cash return on invested capital. Upon full deployment, we are targeting a blended fleet efficiency of 16.5 J/TH, positioning HIVE among the most energy-efficient Bitcoin miners globally. With consistent top industry rankings for uptime efficiency, we remain committed to operational excellence.”
