Bitcoin Miner Hive Hits Hashrate Milestone, Moves Headquarter to Texas

Bitcoin miner Hive Digital Technologies said on January 2 that it reached an impressive 6.0 Exahashes per second (EH/s) in operational hashrate.

This marked a 47% year-over-year growth from 4.08 EH/s recorded at the close of 2023.

Hive Forecasts 15 EH/s in Hashrate Capacity by 2025

The company said it upgraded its Bitcoin mining fleet with advanced Avalon machines procured from Canaan Inc. These upgrades have significantly boosted both operational efficiency and capacity.

The Bitcoin miner can now process more transactions at a lower cost. In addition to expanding its operational capacity, Hive has secured highly competitive energy pricing in Sweden, locking in electricity costs at sub-2-cent rates per kilowatt-hour.

Looking ahead, Hive is projecting substantial growth in its Bitcoin mining capacity. 

The company anticipates reaching a global hashrate capacity of 15 EH/s by the end of 2025. In comparison, Bitcoin miner Marathon Digital said it reached an overall operational hashrate of 36.9 EH/s in Q3, 2024.

Hive’s 2025 hashrate outlook is driven by the full deployment of a 100 MW hydroelectric-powered expansion in Paraguay. This will allow HIVE to optimize its fleet efficiency further, aiming for a blended fleet efficiency of 17 joules per terahash (J/TH).

“After successfully navigating our second Bitcoin Halving event as a company, HIVE is setting a new standard for efficiency and innovation in Bitcoin mining. By optimizing our existing fleet and securing attractive pricing for our operations in Sweden, we are not only driving down Bitcoin production costs but also enhancing return on investment and paving the way for transformative growth in 2025,” Frank Holmes, an executive at Hive, said.

Interestingly, Hive also decided to relocate its headquarters to Texas from Vancouver, Canada, citing President-elect Donald Trump’s pro-Bitcoin stance as a key reason. 

“HIVE is coming to San Antonio, Texas, y’all! We’re relocating our HQ to the US embracing Texas’ business-friendly climate, robust blockchain ecosystem and renewable energy opportunities. We’re also transitioning to US GAAP reporting to align with investors,” the company said in a tweet. 

After Donald Trump’s victory in the 2024 US presidential election, the crypto market experienced a significant surge in adoption and investment. Moreover, Hive also talked about how the new administration would make America a ‘safer and more attractive’ place for Bitcoin miners.

“The depth and breadth of US capital markets are unparalleled and key to our growth strategy. The US market, with its $40 trillion capitalization and daily trading volumes of $500 billion, offers HIVE the liquidity, visibility, and valuation opportunities we need to scale,” Hive Chairman Frank Holmes explained.

Texas is also one of the largest Bitcoin mining hubs, with companies like Marathon Digital, Riot platforms, Bitdeer, and many others operating in the state.