HIVE Digital (NASDAQ: HIVE) Says Latest Milestone Puts It Among Fastest-Growing Bitcoin Miners, Expects To Be Among Largest This Year
HIVE Digital Ltd. (NASDAQ:HIVE), the data center infrastructure company with a focus on sustainability, achieved a new milestone at its Yguazù facility in Paraguay, surpassing 7 Exahash per second or EH/s of global mining hashrate.
This marks a 10% month-over-month increase of its peak hashrate and comes on the heels of the company completing the buildout of a 100 megawatt air-cooled data center at its Paraguay facility, which it acquired from Bitfarms last year. With new ASIC miners continuing to come online, the San Antonio, Texas-based bitcoin miner expects to grow by an additional 1 EH/s every two weeks. At that growth rate, HIVE says it is among the world’s fastest-growing Bitcoin miners.
The company’s new 100 MW hydro-powered facility, coupled with the infrastructure it acquired from Bitfarms, has enabled HIVE to add about 1 EH/s of additional capacity each month and HIVE expects that to increase to 1 EH/s every two weeks as new hardware arrives. As a result, the company says it’s still on track to reach its Phase 1 target of 11.5 EH/s by the end of June.
Investors Take Notice
Investors have taken notice of HIVE’s recent growth initiatives, with the stock trending upward since late April. Notably, HIVE is pursuing expansion without relying on debt, a strategy that resonates well with many investors seeking financially disciplined companies. The industry is littered with bitcoin miners that collapsed under the weight of excessive debt when market conditions turned against them. HIVE uses proceeds from its Bitcoin mining to fund its expansion, as well as from an
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