- HIVE Digital shares rose more than 25% after a strong September production report.
- The company mined 267 BTC, up 8% from the previous month.
- Year-over-year production grew a massive 138 percent.
In a striking display of operational excellence and rapid expansion, Canadian Bitcoin miner HIVE Digital Technologies sent shockwaves through the market by reporting a substantial increase in Bitcoin production that pushed its shares up over 25 percent.
The news underscores the success of the company’s aggressive growth strategy, particularly the commissioning of its large new facility in the heart of South America.
Market reaction was swift and decisive. After the announcement, HIVE shares jumped more than 25 percent, closing at $5.57 on October 6.
This gain followed a standout September production report in which the company mined 267 BTC—an 8 percent increase from August and an impressive 138 percent year-over-year rise.
The Paraguayan power play
The driving force behind this explosive growth is the company’s new 100 MW Phase 3 Valenzuela facility in Paraguay.
HIVE confirmed that the plant, powered entirely by renewable hydroelectric energy, is coming online “ahead of schedule.”
Nearly half of the facility’s total hashrate capacity is already operational, a major milestone that immediately translated into higher daily production, now averaging more than 9 BTC per day.
This rapid deployment has had a dramatic effect on the company’s overall operating power.
HIVE’s average hashrate—the computing power used to mine Bitcoin—increased 19 percent from August to September alone, a clear sign of the new facility’s immediate impact.
Outpacing the network: a story of rising efficiency
But this is not just a story of raw power; it is also a story of notable efficiency gains.
Over the same period that HIVE’s own hashrate rose 19 percent, Bitcoin’s network mining difficulty—a measure of how hard it is to mine a new block—increased 16 percent.
HIVE’s ability to outpace network growth indicates it is operating with improving efficiency, a critical factor for long-term miner profitability.
A look toward a high-powered future
Company leadership has made it clear this is only the beginning.
Executive Chairman Frank Holmes praised the Paraguay team for advancing Phase 3 “ahead of schedule,” echoing the company’s ambitious guidance for the future.
President and CEO Aydin Kilic confirmed HIVE expects to reach a total hashrate of 25 EH/s by U.S. Thanksgiving—a meaningful increase from the current peak of 21.7 EH/s.
He also highlighted a projected fleet efficiency of 17.5 joules per terahash, a key metric in a competitive market.
With all ASIC miners needed for the Paraguay expansion already shipped, the path to the next phase of growth appears clear.
For HIVE, the Paraguayan strategy is paying off, and the market has taken notice.