Canadian miner HIVE Digital Technologies has reached 6.0 EH/s in operational hash rate, representing a 47% year-over-year increase.

Bitcoin (Bitcoin) Mining company HIVE Digital Technologies has achieved a major milestone, reaching 6.0 exahashes per second in operational hash rate, representing a 47% jump from 4.08 exahashes/s at the end of 2023. The Vancouver-headquartered company explained in a statement on 2 January press release The growth comes from upgrading its Bitcoin mining fleet with Canaan Inc.'s latest Avalon machines.

On top of the fleet upgrade, HIVE has also secured competitive energy prices in Sweden, where electricity costs are less than 2 cents per kilowatt hour. This helps keep operating costs under control and improves profitability. The company's hedged energy location in Sweden supports its focus on cost-effective operations.

Looking to the future, HIVE has big plans. The company is still targeting 15 EH/s of global hash rate, although this time the company is changing its timeline to achieve this: from summer to the end of 2025. This will be supported by a 100 MW hydropower expansion in Paraguay, which It is expected to raise the efficiency of the company's fleet to 17 joules per terahash.

Frank Holmes, CEO of HIVE, noted that after successfully passing the company's second Bitcoin halving event, HIVE is now "setting a new standard for efficiency and innovation in Bitcoin mining."

“By optimizing our existing fleet and securing attractive prices for our operations in Sweden, we are not only reducing Bitcoin production costs, but also enhancing our return on investment and paving the way for transformative growth in 2025,” he added.

In late 2024, HIVE is pretty much there Expanded Its mining operations, purchasing 11,500 Avalon ASIC miners from Canaan Inc. and 8.6 EH/s from Bitmain S21+ Hydro machines. The deal was part of the company's plan to reach a total mining capacity of 15 EH/s, and the purchase is expected to generate more than $300 million in annual revenue once fully deployed.