We’re HIVE Digital Technologies and we have some pretty cool news! In fact, they just announced a wild 18% MoM increase on Bitcoin production with a total of 164 BTC produced. The successful launch of Phase 1 of the Paraguay expansion has contributed to this increase span. Consequently, the company’s hashrate has skyrocketed, nearly doubling since March. With Phase 2 now in process, HIVE is targeting a strong 25 EH/s hashrate by American Thanksgiving. On top of that, they’re aiming to raise their average daily production to 12 BTC by year’s end—which would equate to a possible 118% increase from their current average output of 5.5 BTC.

The company's strategic expansion in Paraguay, leveraging the country's hydro infrastructure, has been pivotal to this growth. HIVE’s 100 MW Phase 1 facility has now reached full operational capacity as reported recently, with this contribution bringing 11.4 EH/s to its current total hashrate. Phase 2 has a guarantee of bringing on an additional ~6.5 EH/s with the phasing in of the next-gen Bitmain S21+ Hydro miners. To pay for these ambitious expansion plans, HIVE completed an at-the-market (ATM) offering raising C$96.7 million. Furthermore, HIVE has diversified its portfolio by acquiring a 7.2 MW Tier 3 data center, signaling its entry into the AI computing sector.

HIVE Digital's recent surge in Bitcoin production underscores the company's strategic focus on Paraguay as a key hub for its mining operations. The company’s latest BTC production was up 18% month-over-month at 164 BTC produced. This increase is propelled by the recently re-invigorated 100 MW Phase 1 facility in Paraguay. As such, it’s currently providing a significant boost to HIVE’s total HIVE hashrate.

"Paraguay has become a centerpiece of our green Bitcoin mining strategy." - Aydin Kilic

The company’s overall hashrate has almost doubled since March, showing the benefits of the Paraguay expansion. Following on the successful launch of Phase 2, HIVE is poised to achieve a 25 EH/s hashrate before Thanksgiving.

HIVE's expansion strategy in Paraguay is divided into two key phases, both designed to leverage the country's renewable energy sources and advanced infrastructure. Phase 1, which is now producing at full capacity, provides 11.4 EH/s of hashrate from a 100 MW facility. The reaching of Phase 2 deployment is projected to contribute an additional ~6.5 EH/s, powered by the next-gen Bitmain S21+ Hydro Miners.

"With hydro infrastructure, fiber, and cooling systems now fully operational, we're deploying new capacity at record speed." - Aydin Kilic

The company expects Phase 2 to have a significant positive effect on its overall production capacity.

"We expect a major lift in July as Phase 2 scales, propelling us toward our 25 EH/s goal." - Aydin Kilic

Clearly, HIVE Digital has an ambitious goal. In fact, they are going for a 12 BTC daily production rate by year end. That would be a 118% increase over its current daily production of 5.5 BTC. The company is convinced that the continued extension in Paraguay is key to making that possible.

"With two 100 MW phases in Paraguay and our rapid expansion, we are more than halfway to our 2025 production goal of 12 BTC per day." - Frank Holmes

The company’s strategic interest in Paraguay is motivated by the identification of new, affordable and sustainable energy sources.

To pay for its aggressive expansion plans, HIVE Digital entered into an ATM offering and raised C$96.7 million. This investment is intended for the continuing expansion of its Paraguay operations, as well as other key investments in the company’s global footprint. Under terms of the ATM program, HIVE had issued 38.1 million new shares. This decision was highly controversial as it massively diluted the equity of existing shareholders. Through its ATM program, the company paid C$1.8 million in commissions.

Beyond its crypto mining business, HIVE Digital is further diversifying its portfolio by getting into the AI computing industry. The firm is in the process of buying a 7.2 MW Tier 3 colocation data center. This facility will literally fuel its AI operations. This acquisition is an important piece of Nvidia’s plan to position itself to benefit from the skyrocketing demand for AI computing resources.

McCoy is very optimistic that the company’s series of strategic investments will be the catalyst for a lot of future growth and value creation overall.

"This is a breakout moment for HIVE," - Frank Holmes

The firm has long emphasized renewable energy and technological advancement. This focus will probably make it a leader in the digital asset space.

HIVE has been able to successfully deploy Phase 2 in Paraguay. This accomplishment opens the door for it to reach its ambitious growth targets. In the meantime, the company is working on the ground to deliver on its growth plans, as swiftly and smoothly as possible.

HIVE's strategic focus on Paraguay is driven by the country's favorable regulatory environment and access to abundant renewable energy sources. The company claims these four factors, when combined, will yield a competitive advantage over all other players in the Bitcoin mining space.