HIVE Aims for 150% Growth by 2025 Following 47% Operational Surge in 2024
2025-01-02
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HIVE Digital Technologies, a leading force in sustainable blockchain infrastructure, has a significant milestone in its Bitcoin mining operations going into 2025. 
The Vancouver-based company achieved 6.0 Exahashes per second (EH/s) in operational hashrate, reflecting a 47% increase from the 4.08 EH/s recorded at the end of 2023.
The surge was primarily driven by the deployment of cutting-edge Avalon mining machines from Canaan Inc., which continually boost their efficiency and expand operational capacity.
Additionally, HIVE has secured electricity costs below two cents per kilowatt-hour in Sweden. 
With these advancements, HIVE now sets a more ambitious goal: reaching 15 EH/s by the end of 2025.
This target will be underpinned by developing a 100 MW hydroelectric-powered expansion in Paraguay, which is expected to enhance fleet efficiency to 17 joules per terahash (J/TH).HIVE 2025 Target: Will Bitcoin Mining Profitability Rise?
HIVE’s latest achievement is part of a broader strategy to enhance operational efficiency and expand its mining fleet.
The company has significantly increased its mining power by incorporating next-generation Avalon ASIC miners from Canaan Inc. without proportionally increasing energy consumption. 
This approach boosts productivity and mitigates the impact of rising energy costs, a challenge the broader Bitcoin mining industry faces.
The competitive energy pricing secured in Sweden is crucial in HIVE’s cost management strategy. 
With electricity costs below two cents per kilowatt-hour, HIVE benefits from one of the lowest operational expenses in the industry. 
This advantage is further amplified by the company’s hedged energy position, providing stability and predictability in its operating expenses.
In addition to Sweden, HIVE’s expansion into Paraguay represents an important step toward achieving its 15 EH/s target. 
The 100 MW hydroelectric-powered facility will increase the company’s mining capacity and enhance its fleet’s overall efficiency, with an expected efficiency rate of 17 J/TH. 
HIVE’s Executive Chairman, Frank Holmes, expressed optimism about the company’s trajectory, saying:
“By optimizing our existing fleet and securing attractive pricing for our operations in Sweden, we are not only driving down Bitcoin production costs but also enhancing return on investment and paving the way for transformative growth in 2025.” Competitive Landscape: How Is The Industry Performing?
HIVE’s aggressive growth targets come amid a rapidly evolving Bitcoin mining landscape. 
Competitors like Argo Blockchain and BitFuFu have also been making significant moves to bolster their operations. 
In December 2024, Argo reported $3.4 million in mining revenue despite a drop in Bitcoin production from 46 BTC to 39 BTC. 
The company attributed this to higher Bitcoin prices and hash rates, highlighting the volatility in the mining sector.
This follows a difficult third quarter in which Argo’s revenue declined 28% year over year to $7.5 million, and mining margins dropped to 8% due to the absence of power credits.
However, the company managed to reduce its net loss to $6.3 million.
Meanwhile, BitFuFu has launched its own Bitcoin mining pool, BitFuFu Pool, with a competitive commission rate of 0.4%.
🛠 , a leader in cryptocurrency mining, has launched its private Bitcoin pool, BitFuFu Pool, to enhance mining efficiency and cater to a broader audience. — Cryptonews.com (@cryptonews) 
The pool integrates seamlessly with BitFuFu’s cloud-mining products, offering users real-time monitoring and maintenance services. 
In November 2024, BitFuFu mined 84 BTC with a 2.4EH/s capacity and holds 1,664 BTC as part of its treasury strategy. 
This launch coincides with Bitcoin’s price fluctuations, which recently dropped to $98,106 after crossing $100,000.
Notably, the company recently acquired an 80-megawatt mining facility in Ethiopia, capitalizing on low energy costs to drive down production expenses.