Bitcoin Miner Hive Digital Technologies (Hive) has increased 58% in hashrate capacity, above 10 seconds per second (EH/s), an increase of 58% since April, with the launch of a 100 megawatt hydroelectric site in Paraguay. In a press release on Friday, the company said it is on track to reach 25 EH/s by the end of 2025.
The company mined an average rate of 139 bitcoins or 4.5 BTC per day in May. The peak capacity hit 10.4 EH/s, with an average monthly hashrate of 8.5 EH/s. Hive said its fleet efficiency remains stable at around 20 Joules (J/TH) per Terrahash, and its network share is currently above 1% of its global Bitcoin mining power.
Paraguay’s new facility reflects broader trends in mining. The competition to quickly and largely deploy the next generation of ASIC Miners will be deployed on a large scale in regions with abundant renewable electricity.
Co-founder Frank Holmes highlights the company’s speed and flexibility, pointing to the Buzz HPC division that supports AI cloud infrastructure along with Bitcoin mining. CEO Aydin Kilic said the company’s summer goal is 18 eh/s, and its fleet upgrades should allow for more than 12 daily BTC output by the fourth quarter.
The Hive operates facilities in Canada, Sweden and Paraguay, and fully powers hydroelectric power. The company was Crypto Miner, which was first unveiled at the TSX Venture Exchange in 2017.
Hive’s stocks rose 13% in New York’s trade on Friday, bringing the mining sector together with profits of over $105,000 in Bitcoin.