Hive Digital Technologies has reached 10 Exahash in Bitcoin mining capacity after acquiring Bitfarms facilities in Paraguay. This rapid growth is expected to reach 18 EH/s by late summer. Furthermore, the company’s high-performance computing subsidiary, Hive HPC, is achieving significant annual revenue growth, aiming for $50 million by year-end.
Hive Digital Technologies is making significant strides in Bitcoin mining, as recently discussed by executive chairman Frank Holmes. The company proudly announced that it has achieved a major milestone, reaching 10 Exahash (EH/s) in mining capacity. This growth can largely be attributed to Hive’s strategic acquisition of partially completed Bitfarms facilities located in Paraguay, which has expedited their development plans. Holmes indicated that the company now has its sights set on ramping up to 18 EH/s by August or September.
The acquisition in Paraguay has not only allowed Hive to increase its mining output but has also proven beneficial given the reduced energy costs in the region. Holmes emphasized this important point, noting, “We were able to plug in immediately a surplus of machines. And that’s the other key factor.” By leveraging lower energy rates, Hive aims to enhance profitability, particularly as operations in Canada faced challenges.
In addition to boosting its mining capabilities, Hive has also made notable gains in high-performance computing (HPC) through its subsidiary, Hive HPC. This branch has now reached an impressive $20 million annual run rate. Holmes attributed this growth to Craig Tavares, the newly appointed president of Hive HPC, who is driving the operations while allowing Aydin Kilic to concentrate on expansion efforts in Paraguay. Holmes expressed optimism that the run rate could hit $50 million by year-end, given the current trajectory.
While discussing the interplay between Hive’s Bitcoin mining operations and HPC, Holmes explained that both rely on significant electricity and infrastructure. However, he pointed out that high-performance computing facilities require substantially more investment. He elaborated on the synergy between the two sectors, stating, “The only difference with high-performance computing — the cost of the infrastructure is ten times or more what it costs for a Bitcoin facility.”
Holmes also highlighted the growing importance of data sovereignty in relation to data center operations. He stressed the need for secure data management, explaining that regions aspire to keep their data within their own jurisdictions as the demand for data security increases. He noted that attitudes towards data infrastructure are evolving, with each region becoming protective of its data — remarking that “sovereign data centers” will become a buzzword within the industry. Overall, Hive’s aggressive growth strategy, particularly in Paraguay, sets a promising outlook for the future, especially as it seeks to capitalize on burgeoning trends in both Bitcoin mining and high-performance computing.
In conclusion, Hive Digital Technologies is significantly enhancing its Bitcoin mining capacity, propelled by strategic acquisitions in Paraguay. The company has achieved 10 EH/s and aims for 18 EH/s by late summer. Its high-performance computing subsidiary is also thriving, with projections of reaching a $50 million run rate by year’s end. Additionally, as data sovereignty becomes increasingly important, Hive’s dual focus on mining and HPC appears well aligned for future growth amidst evolving industry demands.
Original Source: www.proactiveinvestors.com
