HIVE Lifts Realized Bitcoin Hashrate by 32% in May Amid Paraguay Expansion
HIVE Digital (NASDAQ: HIVE) increased its Bitcoin production to 139 BTC in May, up 36% from the prior month, as it energized a new hydro-powered mining facility in Paraguay.
HIVE’s realized hashrate rose to an average of 8.51 EH/s in May, up 32% from 6.45 EH/s in April, according to its latest production update. The company also reported reaching a peak hashrate of 10.4 EH/s during the month, contributing to an industry-wide trend of ramping up hashrate and output.
The gains were driven by the deployment of miners at HIVE’s new 100 MW Paraguay site, which came online in May. The company reiterated its target of expanding to 11.5 EH/s by the end of June and reaching 25 EH/s by the fourth quarter.
HIVE’s production growth comes amid a broader surge in realized hashrate among major Bitcoin mining companies in May. Large U.S.-listed miners collectively boosted output last month, helping drive Bitcoin’s network difficulty to a new all-time high.
As previously reported, MARA’s proprietary pool mined a record number of blocks, while Cipher Mining is preparing to raise its hashrate from 13.5 EH/s to 23.1 EH/s in the coming months with the energization of its Black Pearl facility.
HIVE mined an average of 4.5 BTC per day in May and said current production has already exceeded 5 BTC per day, with an overall fleet efficiency of around 20 J/TH.
The Paraguay ramp-up marks a key step in HIVE’s effort to reduce its fleet hashcost, historically one of the highest among public peers. Lower energy rates in Paraguay compared with its operations in Sweden and Canada—combined with 20 J/TH fleet efficiency—are expected to slash HIVE’s direct production and all-in mining costs, as the company already maintains one of the lowest corporate hashcosts in the sector.
