Hive Digital Technologies (NASDAQ:HIVE) shares are trading higher after the company provided updates on its hashrate and run rate revenue.
What To Know: Hive announced it has surpassed 12 exahash per second (EH/s) of global Bitcoin mining hashrate, doubling from 6 EH/s at the start of the year. The company also exceeded a $250 million annualized run rate revenue, driven by its rapid expansion in Paraguay.
Additionally, the company is currently constructing three hydro-powered data center campuses in Yguazú. Phase 2 of the project is underway, with 1 EH/s of next-generation Bitmain S21+ Hydro ASIC miners already hashing. Hive expects to hit 6.5 EH/s at the site by late August, 18 EH/s globally by summer's end, and 25 EH/s by Thanksgiving.
"With this momentum, the Company remains on track to achieve 18 EH/s by summer’s end and 25 EH/s by American Thanksgiving 2025," Hive said.
President and CEO Aydin Kilic said the company is now mining more than 6 BTC per day at a 55% margin. Once 18 EH/s is reached, Hive expects $400 million in annualized revenue with mining margins approaching 60%.
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HIVE Price Action: At the time of writing, HIVE shares are trading 0.43% higher at $2.325, according to data from Benzinga Pro.
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