HIVE Digital Technologies Surpasses 22 EH/s and Accelerates Conversion from Tier-1 to Tier-3 Data Centers for AI Cloud Expansion in Sweden

Executive Summary

• HIVE Digital Technologies announced it has reached 22 Exahash per second (EH/s) of Bitcoin‑mining capacity, a 267% YTD increase.
• The company is converting its Tier‑1 data centre in Boden, Sweden into a Tier‑3 liquid‑cooled HPC facility that will host 2,000 NVIDIA GPUs, with construction starting this quarter.
• HIVE projects 25 EH/s by U.S. Thanksgiving 2025 and 35 EH/s in 2026, while scaling its AI‑cloud GPU fleet to ~6,000 units by 2026.

Key Details

• Mining Milestone
• Current capacity: 22 EH/s (267% YTD growth).
• Production: 9.5 BTC/day.
• Fleet efficiency: ≈17.8 J/TH; target 17.5 J/TH with new ASICs.
• Mining margin: 55% after electricity costs at a $47 hashprice.

• Expansion: Additional ASIC miners to be online, aiming for 25 EH/s by U.S. Thanksgiving 2025.

• Paraguay Hydro‑Powered Campus

• Third 100‑MW green campus (Valenzuela) drawing power from the Itaipu Dam.

• All hardware fully funded and delivered; powered by fixed‑rate hydroelectric electricity.

• Sweden AI Cloud Expansion

• Converting existing Tier‑1 data centre in Boden to a Tier‑3 liquid‑cooled HPC facility.
• Facility will support 2,000 NVIDIA GPUs for enterprise AI workloads across the EU.

• Engineering and design complete; construction begins Q4 2025.

• Global GPU Deployment Plan

• Existing AI operations in Stockholm (2 years) serving early enterprise clients.
• BUZZ data centre in Toronto slated to host an additional 2,000 GPUs in 2026.
• Power and land secured at three strategic locations in New Brunswick for future HPC sites.

• Expected total GPU count: ≈6,000 units by 2026, serving AI training and inference workloads.

• Financial Outlook & Funding

• No new financing disclosed; all hardware for Paraguay expansion already funded.
• Company models robust ARR growth from both Bitcoin mining and AI‑cloud contracts (non‑GAAP metric).
• Targets: 25 EH/s by late 2025, 35 EH/s in 2026; HPC division to scale five‑fold over the same period.

Notable Quotes

• Frank Holmes, Co‑Founder & Executive Chairman – “Crossing 22 EH/s marks another major milestone… our AI strategy accelerates the conversion of Tier‑1 data centres into Tier‑3 HPC facilities, positioning HIVE as a dual‑engine digital‑power company.”
• Aydin Kilic, President & CEO – “Repurposing existing infrastructure allows HIVE to reach cash‑flow generation much faster than greenfield projects.”
• Johanna Thornblad, Sweden Country President – “The Boden expansion reinforces Sweden's leadership in sustainable digital infrastructure… delivering enterprise‑grade AI capacity to the EU market faster and more efficiently.”