Shares of Hive Digital Technologies jumped about 6% in premarket trading on Monday after the company announced a major milestone in its Bitcoin mining operations. The firm stated that it has now reached over 22 exahash per second (EH/s) of global Bitcoin mining capacity, representing a 267% increase so far this year.
This growth comes mainly from the company’s hydro-powered mining site in Valenzuela, Paraguay. The facility is Hive’s third large green energy campus in the country, running on 100 megawatts of renewable power. Thanks to this expansion, Hive is now producing around 9.5 Bitcoins per day with an energy efficiency of roughly 17.8 joules per terahash and maintaining a 55% mining margin after electricity costs.
The company isn’t slowing down. Hive expects to hit 25 EH/s by Thanksgiving in the U.S., with even better efficiency of 17.5 joules per terahash. Alongside its mining operations, Hive is also rapidly growing its artificial intelligence business. In Sweden, it’s converting one of its top-tier data centers in Boden into a high-performance computing facility with advanced liquid cooling. This new setup will host 2,000 NVIDIA GPUs for enterprise-level AI and cloud computing workloads across Europe.
The company said this conversion approach is much faster and cheaper than building a new data center from scratch, with operations typically starting within nine months instead of three years.
Hive’s expansion doesn’t stop there. Its BUZZ data center in Toronto will add another 2,000 GPUs in 2026, and further growth is planned in New Brunswick. Altogether, Hive expects to be running around 6,000 GPUs by 2026.
All the equipment for the Paraguay expansion has already been paid for and delivered, backed by fixed-rate hydroelectric power contracts. Looking ahead, Hive aims to reach 25 EH/s by the end of 2025 and 35 EH/s by 2026, while also planning to grow its high-performance computing division five times over the same period.
The company’s steady progress in both Bitcoin mining and AI infrastructure seems to have boosted investor confidence, driving Monday’s premarket stock surge.
