Hive reaches 20 EH/s of bitcoin mining capacity

Executive Summary

• Hive Digital Technologies Ltd. has surpassed 20 exahashes per second (EH/s) of global Bitcoin mining capacity, representing approximately 2% of the global Bitcoin network, following the successful deployment of ASICs at its Phase 3 Valenzuela facility in Paraguay.
• The company is currently mining 9 BTC daily with a fleet efficiency of 18 joules per terahash (J/TH) and a mining margin of 55% after electricity costs. Phase 3 construction is substantially complete, with installations progressing ahead of schedule toward a target of 25 EH/s by U.S. Thanksgiving.
• Upon full completion of Phase 3, Hive anticipates reaching a daily Bitcoin production of approximately 12 BTC and an efficiency of 17.5 J/TH, supported by secured funding and fixed-rate hydroelectric power.

Key Details

• Hash Rate Milestone: Exceeded 20 EH/s global fleet capacity; currently holds ~2% of the global Bitcoin network share (based on current difficulty of 142 trillion).
• Production Metrics: Mining 9 BTC daily; achieved a year-to-date hash rate increase of approximately 233%.
• Efficiency and Margins: Current fleet efficiency is 18 J/TH; mining margin is 55% after electricity costs.
• Phase 3 Status: Third 100-megawatt development in Paraguay powered by Itaipu dam hydroelectric energy. Construction is substantially complete; over 40% of ASICs are on-site and being installed, with the remainder scheduled for delivery in the current month.
• Future Targets: Targeting 25 EH/s by U.S. Thanksgiving. Upon Phase 3 completion, expected daily production is ~12 BTC with efficiency improving to ~17.5 J/TH.
• Operational Performance: Achieved 99% uptime during recent visits; all ASIC purchases for Phase 3 are financed and shipped.
• Cost Structure: Operating costs remain stable under fixed-rate hydroelectric power with minimal incremental labor; power expenses scale proportionally with machine usage.
• Corporate Updates: Hired 40 young engineers to manage facilities; CEO highlighted low-cost corporate operations relative to revenue.

Notable Quotes

• Frank Holmes, Co-founder and Executive Chairman: "I am deeply proud of the drive and resilience our team has shown as we scale Hive's global green energy operations ahead of schedule. We are gaining strong momentum across our dual engines of bitcoin mining and AI cloud computing... With a Navy Seal mindset, our teams are moving forward with focus and determination across nine time zones and three continents."
• Aydin Kilic, President and CEO: "We are currently 2 per cent of the global bitcoin mining infrastructure, which is a significant milestone considering bitcoin's market exceeds $2-trillion capitalization... Reaching 20 EH/s is a major validation of our disciplined growth strategy and the hard work of our global team. We are delivering on our commitments: Funding is secured, infrastructure is on-line and every additional exahash is compounding value for our shareholders."