Canadian mining firm HIVE Digital Applied sciences has reached 6.0 EH/s in operational hashrate, marking a 47% year-over-year elevate.
Bitcoin (BTC) miner HIVE Digital Applied sciences has hit a prime milestone, reaching 6.0 exahashes per 2d in operational hashrate, marking a 47% leap from 4.08 EH/s at the tip of 2023. The Vancouver-headquartered firm explained in a Jan. 2 press liberate that the growth comes from upgrading its Bitcoin mining snappily with the most up-to-date Avalon machines from Canaan Inc.
On top of the snappily make stronger, HIVE has also secured competitive vitality pricing in Sweden, with electricity costs under two cents per kilowatt-hour. This helps shield their working costs manageable and improves profitability. The firm’s hedged vitality negate in Sweden helps its take care of price-effective operations.
Having a locate ahead, HIVE has large plans. The corporate is aloof targeting 15 EH/s of world hashrate, although this time the firm is shifting its timeline for reaching this: from summer to the tip of 2025. This would possibly maybe be supported by a 100 MW hydroelectric-powered growth in Paraguay, which is anticipated to bring the company’s snappily efficiency to 17 joules per terahash.
Frank Holmes, govt chairman of HIVE, famed that after successfully navigating the firm’s 2d Bitcoin halving tournament, HIVE is now “atmosphere a original customary for efficiency and innovation in Bitcoin mining.”
“By optimizing our existing snappily and securing glowing pricing for our operations in Sweden, we are going to not be most efficient driving down Bitcoin production costs nonetheless also enhancing return on investment and paving the manner for transformative lisp in 2025,” he added.
In dumb 2024, HIVE significantly expanded its mining operations, shopping 11,500 Avalon ASIC miners from Canaan Inc. and eight.6 EH/s of Bitmain’s S21+ Hydro machines. That deal modified into half of the firm’s understanding to reach a complete mining skill of 15 EH/s, with the aquire expected to generate over $300 million in annual earnings as soon as absolutely deployed.
