Hive reaches 22 EH/s in bitcoin-mining capacity

Executive Summary

• Hive Digital Technologies Ltd. has surpassed 22 exahashes per second (EH/s) in global bitcoin-mining capacity, representing 267% year-to-date growth, with a target to reach 25 EH/s by U.S. Thanksgiving.
• The company is accelerating its transition from Tier 1 to Tier 3 high-performance computing (HPC) facilities in Sweden to expand its AI cloud footprint, specifically converting a data center in Boden, Sweden, into a liquid-cooled facility.
• Hive outlines a strategic roadmap to operate approximately 6,000 GPUs by 2026, leveraging existing infrastructure to achieve faster cash flow generation compared to greenfield builds.

Key Details

• Mining Capacity & Efficiency:
  • Current global capacity: 22 EH/s.
  • Year-to-date growth: 267%.
  • Target capacity: 25 EH/s by U.S. Thanksgiving (late November 2025); 35 EH/s during 2026.
  • Current production: 9.5 bitcoin per day.
  • Fleet efficiency: Approximately 17.8 joules per terahash (J/TH), targeting 17.5 J/TH with new ASIC miners.
  • Mining margin: 55% after electricity costs (based on a $47 hash price).
• Paraguay Expansion:
  • Milestone driven by the successful expansion of the Valenzuela facility, Hive's third 100-megawatt green campus in Paraguay.
  • Facility draws renewable energy from the Itaipu dam.
  • All hardware for this expansion is fully financed and delivered.
• Sweden AI Cloud Expansion:
  • Converting an existing Tier 1 data center in Boden, Sweden, into a Tier 3 liquid-cooled HPC facility.
  • Engineering and design are complete; construction commences this quarter.
  • Capacity: Will support 2,000 Nvidia GPUs for enterprise-grade AI and GPU cloud workloads.
  • Strategic advantage: Provides a faster path to cash flow (typically nine months) versus three years for a greenfield build.
• Global GPU Pipeline:
  • Stockholm, Sweden: Active for two years, serving early enterprise clients.
  • Toronto (Buzz data center): Will host an additional 2,000 GPUs in 2026.
  • New Brunswick: Planned growth with secured power and land.
  • Total Target: Approximately 6,000 GPUs by 2026 for AI training and inference workloads.
  • Partnership: Co-location partnership with Bell Canada for rapid deployment and flexible scaling.
• Financial & Operational Outlook:
  • Fixed-rate hydroelectric power in Paraguay ensures predictable, scalable economics.
  • Company models robust annual recurring revenue (ARR) potential from both bitcoin production and AI cloud contracts.
  • Management views EH/s growth as material to revenue and cash flow expansion, noting digital infrastructure companies are valued at multiples of revenue and cash flow.

Notable Quotes

• Frank Holmes, Co-founder and Executive Chairman: "Crossing 22 EH/s marks another major milestone for Hive as we build one of the world's most efficient and sustainable bitcoin-mining fleets. At the same time, 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 that bridges blockchain and the AI super cycle."
• Aydin Kilic, President and Chief Executive Officer: "Repurposing existing infrastructure allows Hive to reach cash flow generation much faster than greenfield projects. Our operational strength enables us to grow both bitcoin mining and AI cloud services in parallel, all powered by renewable energy."
• Johanna Thornblad, Swedish Country President: "The Boden expansion reinforces Sweden's leadership in sustainable digital infrastructure. Building on our two years of AI operations in Stockholm, this conversion project will deliver enterprise-grade AI capacity to the EU market faster and more efficiently than traditional data centre builds."