Hive reaches 23 EH/s in global bitcoin mining capacity

Executive Summary

• Hive Digital Technologies has achieved 23 exahashes per second (EH/s) in global bitcoin mining capacity, representing 283% year-to-date growth, while simultaneously accelerating its transition into high-performance computing (HPC) for the AI sector.
• The company finalized the acquisition of 32.5 acres in Grand Falls, New Brunswick, for $2.3 million CAD, adjacent to its existing operations, to develop a Tier 3+ AI HPC data center capable of scaling to over 25,000 GPUs.
• Hive reported gross proceeds of $100.2 million CAD ($73.1 million USD) from an at-the-market (ATM) equity offering for the three months ended September 30, 2025, and granted 2,720,900 restricted share units (RSUs) to employees and directors.

Key Details

• Mining Operations & Capacity:
  • Current global bitcoin mining capacity: 23 EH/s.
  • Year-to-date growth: 283%.
  • Average efficiency: 17.7 joules per terahash (J/TH).
  • Bitcoin difficulty: 156 T.
  • Bitcoin price context: Hovering near $108,000.
  • Mining margins: Over 50% after electricity costs.
  • Valenzuela facility (Paraguay): Third 100-megawatt green campus powered by Itaipu dam; commissioning underway with target of 25 EH/s by U.S. Thanksgiving; targeting 17.5 J/TH efficiency.
• Strategic Land Acquisition (Grand Falls, NB):
  • Acquired 32.5 acres adjacent to existing 6-acre property (acquired April 2021).
  • Purchase price: $2.3 million CAD.
  • Purpose: Development of inaugural Tier 3+ AI and HPC data center in Atlantic Canada.
  • Current infrastructure: Powers 70 MW of bitcoin mining with an on-site 80 MW substation; buildings owned outright.
  • Future HPC capacity: Potential to scale to over 25,000 GPUs; PUE of 1.3.
• HPC & AI Expansion Roadmap:
  • Buzz HPC Subsidiary: Plans to scale HPC capacity to support over 30,000 high-performance GPUs.
  • Boden, Sweden: Retrofitting Tier 1 facility to liquid-cooled Tier 3+; timeline of 9-12 months; capacity for 2,000 GPUs for EU workloads.
  • Toronto Facility: Acquisition targets 2,000 GPUs for AI operations in 2026.
  • Bell Partnership: Co-location partnership adding 2,000 GPUs over the next nine months.
  • Total Projected Capacity: By year-end 2026, 6,000 next-gen GPUs operational in new facilities + 5,000 current fleet + 25,000 from Grand Falls conversion = ~36,000 total GPUs.
• Financing & Equity:
  • ATM Offering (Q3 2025): Issued 30,174,046 common shares.
  • Gross Proceeds: $100.2 million CAD ($73.1 million USD).
  • Pricing: Average price per October 2024 ATM share was $3.32 CAD.
  • Commissions: $1.9 million CAD paid to sales agents.
  • RSU Grants: 2,720,900 restricted share units granted to employees, officers, directors, and consultants.
  • Vesting Terms: Mandatory one-year vesting period on TSX Venture Exchange; quarterly milestone-based awards.

Notable Quotes

• Frank Holmes, Co-founder and Executive Chairman: "Hive is a pioneer in repurposing stranded and surplus renewable energy for digital infrastructure, and is now turbocharging the transition from bitcoin mining Tier 1 to Tier 3+ HPC data centres in Canada and Sweden... Hive's wholly owned HPC/AI subsidiary Buzz HPC plans to scale its HPC data centre capacity to support over 30,000 high performance GPUs for AI cloud."
• Craig Tavares, President and COO of Buzz HPC: "Grand Falls offers the ideal convergence of Tier 1 and Tier 2+ HPC data centres with clean power, scalability and community partnership. Our vision is to transform this site into one of Canada's most advanced Tier 3+ AI HPC data centres, capable of hosting tens of thousands of GPUs for AI and HPC workloads."
• Aydin Kilic, President and CEO: "Bitcoin miners like Hive were early visionaries, sourcing stranded or surplus energy to build the foundational infrastructure that now fast-tracks hyperscalers in the AI industrial revolution... With 23 EH/s already secured, we're generating robust cash flows today while scaling green HPC tomorrow in Canada and Paraguay, positioning Hive as the go-to partner for the compute demands of this era."
• Luke Rossy, Chief Operating Officer: "Our Valenzuela facility continues to scale ahead of schedule, with new ASICs driving increased bitcoin production and generating incremental cash flow to support strategic growth across Hive's dual engines of bitcoin mining and AI cloud computing."