HIVE Digital Technologies Ltd. has announced a significant milestone in its Bitcoin mining operations, surpassing a hashrate of 10 Exahash per second (EH/s). This achievement reflects the company’s commitment to enhancing its mining capabilities, adding 1 EH/s weekly over the past month. With this development, HIVE is on track to meet its Phase 1 objective of 11.5 EH/s by the end of June 2025, while maintaining a global fleet efficiency of 20 Joules per Terahash.
The company is actively working toward its ambitious goal of reaching 25 EH/s by the fourth quarter of 2025, with all growth initiatives fully funded. This rapid expansion is part of HIVE’s strategic plan to enhance its position in the digital infrastructure space.
BUZZ HPC Achieves $20 Million ARR Ahead of Schedule
In another promising development, HIVE’s high-performance computing (HPC) subsidiary, Buzz HPC, has reached an impressive annualized revenue run-rate of $20 million in its GPU cloud business, accomplishing this milestone one month ahead of schedule. This rapid growth highlights the effectiveness of HIVE’s aggressive strategy in expanding its HPC division.
Buzz HPC currently boasts over 5,000 advanced GPUs, reflecting the operational momentum that solidifies HIVE’s status as a key player in the GPU cloud infrastructure market. This achievement not only validates the company’s vision but also emphasizes its competitive edge.
Executive Commentary
Frank Holmes, Co-Founder and Executive Chairman of HIVE, remarked on the company’s performance, stating, “Our HPC growth has exceeded our expectations, reaching $20 million in annualized revenue much sooner than anticipated. With around 5,000 GPUs supporting AI workloads, we consider our GPU cloud operations a high-value asset, likely worth 10 to 20 times its annual cash flows.” Aydin Kilic, President & CEO of HIVE, expressed pride in reaching the 10 EH/s milestone, noting the company’s current production of over five Bitcoins daily. He commended the team for consistently adding approximately 1 EH/s of mining capacity weekly, surpassing previous forecasts.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is at the forefront of advancing sustainable blockchain and AI infrastructure powered by renewable energy sources. As the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017, HIVE has established itself as a global leader in digital asset mining and AI computing, with operations in Canada, Sweden, and Paraguay. The company is dedicated to innovation while minimizing its environmental impact.
It is important to note that neither the TSX Venture Exchange nor its Regulation Services Provider assumes responsibility for the accuracy or adequacy of this news release.
Forward-Looking Information
This news release contains “forward-looking information” as defined by applicable securities legislation in Canada and the United States, based on expectations, estimates, and projections at the time of release. Such information may include potential developments related to the acquisition of a new site in Paraguay, operational timelines, business objectives, and the effectiveness of the company’s mining operations.
Factors that could lead to actual results differing from those anticipated include challenges in finalizing the site acquisition, completing construction on time and within budget, local government cooperation, and the volatile nature of the digital currency market. Other risks involve the company’s ability to profitably liquidate its cryptocurrency inventory, regulatory changes, and fluctuations in energy costs. The company acknowledges the speculative and competitive landscape of the technology sector and the necessity for ongoing growth in blockchain and cryptocurrency usage.
The forward-looking information presented in this release reflects the company’s current expectations and assumptions about its future plans and objectives. While the company considers these assumptions reasonable, they do not guarantee future performance, and stakeholders should be cautious in relying on this information due to inherent uncertainties. HIVE disclaims any obligation to update or revise forward-looking statements unless required by law.
