- Hive Digital Stock surged more than 25% after a strong production report in September.
- The company mined 267 BTC, an 8% increase from the previous month.
- Production volume increased by 138% year-on-year.
With a stunning show of operational excellence and rapid expansion, Canada's Bitcoin Minor Hive Digital Technologies announced a massive astonishing increase in Bitcoin production, which has provided a massive amount of electricity to the market and has stocked more than 25%.
The news is a strong testament to the company's aggressive growth strategy, particularly the success of its large new facility in the heart of South America.
The market response was quick and decisive. Following the announcement, Hive's shares rose more than 25% and closed at $5.57 on October 6th.
The surge was a direct response to the September star production report, with the company mining 267 BTC. This is an 8% increase since August, an astounding 138% year-on-year increase.
Paraguayan Power Play
The engine behind this explosive growth is the company's new 100 MW Phase 3 Valenzuela plant in Paraguay.
Hive has confirmed that facilities that only renewable hydroelectric energy are now online “before planned.”
Almost half of the facility's total hashrate capacity is currently operating. This is a major milestone that quickly converted into a surge in daily production, and now averages above 9 btc per day.
This rapid deployment had a dramatic impact on the overall operational capabilities of the company.
The average hashrate for the Hive (calculation power used to minify Bitcoin) was reduced by 19% between August and September alone. This is a clear indication of the immediate impact of the new facility.
Breaking the Network: A Story that Rapidly Increases Efficiency
But this is more than just a brute force story. It's a story of incredible efficiency.
During the same period when Hive's own hashrate increased by 19%, the difficulty of mining across the Bitcoin network (a measure of how difficult it is to mine new blocks) was measured by 16%.
The hive's ability to outweigh the network's own growth is an important signal that it works with increased efficiency, a key factor in the long-term profitability of miners.
A glimpse into a powerful future
The company's leadership has made it clear that this is just the beginning.
Executive Chairman Frank Holmes praised the Paraguayan team for moving forward “before the schedule.”
President and CEO Aydin Kilic confirmed that he expects Hive to reach a total hashrate of 25 Eh/s on US Thanksgiving.
He also noted the predicted fleet efficiency of 17.5 Joules/Terrahash, a key indicator of the competitive market.
With all the ASIC mining machines needed for Paraguay expansion already shipped, the path to this next stage of this growth is clear.
In the case of Hive, Paraguayan Gambit is rewarded and the market is gaining attention.
