Bitcoin miner HIVE Digital Technologies has made waves in the cryptocurrency industry by surpassing 10 exahash per second (EH/s) in its hashrate capacity as of May 2025. This milestone marks a 58% increase from April, largely driven by the inauguration of a 100-megawatt hydro-powered facility in Paraguay. The company has ambitious plans to more than double this capacity, targeting 25 EH/s by year’s end.
Powering Up with Renewable Energy
HIVE’s expansion into Paraguay underscores a strategic pivot within the mining industry towards renewable energy sources. The new hydro-powered site not only boosts HIVE’s operational capacity but also aligns with the growing trend of deploying cutting-edge ASIC miners in regions abundant with sustainable power. “The speed and adaptability of our operations are key,” remarked Frank Holmes, co-founder of HIVE. He highlighted the company’s Buzz HPC division, which supports AI infrastructure alongside Bitcoin mining, as a testament to their versatility.
This strategic expansion comes at a time when the broader mining sector is witnessing considerable momentum. Bitcoin’s recent surge above $105,000 has reignited enthusiasm, with HIVE’s shares climbing 13% in New York trading. This follows a pattern of market optimism, as detailed in our coverage of Bitcoin’s recent price surge. The firm mined 139 Bitcoin in May, equating to an average of 4.5 BTC per day, and its peak capacity reached 10.4 EH/s. Notably, HIVE’s fleet efficiency remained robust at approximately 20 joules per terahash (J/TH), while the company’s share of global Bitcoin mining power now exceeds 1%.
Future Ambitions and Market Influence
Looking ahead, HIVE’s CEO Aydin Kilic has set an ambitious target for the company: achieving 18 EH/s by the summer of 2025. With planned fleet upgrades, Kilic anticipates a daily Bitcoin output of over 12 BTC by the fourth quarter, potentially at a production cost of less than $50,000 per coin. “Our focus on efficiency and cost-effectiveness is paramount as we scale up,” Kilic emphasized, projecting confidence in their expansion strategy.
HIVE’s move also reflects a broader industry trend towards optimizing energy use and minimizing environmental impact. By operating facilities in Canada, Sweden, and now Paraguay, all powered entirely by hydroelectricity, HIVE is part of a growing cohort of miners seeking to balance profitability with sustainability. This shift is not only environmentally prudent but also economically strategic, given the increasing scrutiny on energy consumption in crypto mining. For further insights into the factors driving Bitcoin’s market dynamics, see our analysis of institutional interest and market trends.
Navigating Challenges and Opportunities
While HIVE’s trajectory appears promising, questions remain about the sustainability of its rapid growth. The company’s capacity to maintain operational efficiency amidst scaling efforts will be closely watched. Moreover, as the global mining landscape becomes more competitive, HIVE’s strategic choices—like its focus on renewable energy—could be a decisive factor.
The company’s history of innovation is noteworthy. As the first crypto miner to be publicly listed on the TSX Venture Exchange back in 2017, HIVE has consistently been at the forefront of the industry. Now, with its sights set on dramatically increasing hashrate capacity, the company is poised to further solidify its position as a leader in the crypto mining sector.
In conclusion, HIVE Digital Technologies’ recent achievements and future goals highlight a dynamic period in the cryptocurrency mining landscape. As the company forges ahead with its expansion plans, industry observers will be keenly watching to see if HIVE can maintain its momentum and continue to thrive in a rapidly evolving market. The implications of these developments could resonate well beyond 2025, shaping the future of Bitcoin mining and its environmental footprint.
Source
This article is based on: HIVE Digital Capacity Crosses 10 EH/s in May, Aims to More Than Double That by Year-End
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
