Hive Digital Technologies Achieves 2% of Bitcoin Network Hashrate with Sustainable Hydropower Mining

Hive Digital Technologies has solidified its position as a key player in the Bitcoin (BTC) mining industry, reaching a milestone 2% share of the network hashrate with an impressive capacity of 20 exahashes per second (EH/s), according to a report by Crypto Briefing on October 25. This growth underscores Hive’s strategic focus on sustainability by leveraging hydropower in Paraguay for its mining operations. Currently, the company successfully mines approximately 9 BTC daily, maintaining a robust 55% mining margin even after accounting for electricity costs.

Rapid Expansion Driving Hashrate Growth

In 2023, Hive has experienced dramatic growth in its mining capacity. The company’s hashrate has increased by an extraordinary 233% year-to-date, showcasing its aggressive expansion strategy and execution. May marked a significant turning point as Hive’s daily Bitcoin production doubled, setting the stage for further milestones. By August, the company’s hashrate had surpassed 16 EH/s, and it has now reached a record 20 EH/s, cementing its role as a major player in the global Bitcoin mining ecosystem.

Sustainable Mining Operations Powered by Hydropower

A standout factor separating Hive from many competitors is its unwavering commitment to sustainability. Its Phase 3 mining facility in Paraguay operates exclusively on renewable hydropower, bolstering the company’s environmental stewardship while maintaining efficiency. The site achieves an impressive energy efficiency rating of 18 joules per terahash (J/TH). This focus on green energy not only reduces Hive’s carbon footprint but also provides a competitive edge as the industry increasingly prioritizes eco-friendly mining practices.

Strategic Vision for Growth: 2025 and Beyond

Hive’s ambitions extend well beyond its current achievements. By the U.S. Thanksgiving holiday in 2025, the company aims to further scale its mining operations, targeting a total hashrate of 25 EH/s—a 25% increase from its current levels. Alongside this capacity growth, Hive projects that its daily Bitcoin production will rise to 12 BTC. This long-term vision underscores the company’s readiness to scale sustainably while capitalizing on the evolving opportunities in Bitcoin mining.

Hive Digital Technologies’ hydropower-driven operations, robust growth trajectory, and commitment to sustainability position it as a trailblazer in the Bitcoin mining industry. By coupling cutting-edge efficiency with renewable energy, Hive is not only contributing to the decentralization and security of the Bitcoin network but is also setting a benchmark for environmentally conscious mining practices in the digital asset space.