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SAN ANTONIO - HIVE Digital Technologies Ltd. (TSXV:HIVE) (NASDAQ:HIVE), a cryptocurrency mining company with a market capitalization of $674.54 million, announced Wednesday it has completed Phase 2 of its Yguazú facility ahead of schedule, surpassing 18 exahash per second (EH/s) of global Bitcoin mining capacity. According to InvestingPro analysis, HIVE has demonstrated strong momentum with a remarkable 55.26% price return over the past six months.
The company is now mining over 8.5 Bitcoin per day globally, according to the announcement. HIVE’s Paraguay operations are powered by renewable hydroelectric energy from the Itaipú Dam, which the company describes as the largest hydroelectric power facility in the Western Hemisphere. With last twelve months revenue of $128.65 million and EBITDA of $71.48 million, HIVE maintains a solid financial position. For deeper insights into HIVE’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro, which features 14 additional key investment tips for this stock.
With the completion of Phase 2 at Yguazú, HIVE has achieved its target of reaching 18 EH/s by Summer 2025. The company now operates 200 megawatts of hydroelectric power in Paraguay, with a global fleet efficiency of approximately 18.5 joules per terahash.
HIVE also reported that transformers in Phase 3 at its Valenzuela site have been energized, marking the third 100 MW of energy infrastructure the company has built in Paraguay. ASIC installation at this site is expected to begin next week, with site construction substantially complete.
Upon completion of the Valenzuela site, which is expected by U.S. Thanksgiving, HIVE projects daily Bitcoin production will reach approximately 12 BTC, based on current network difficulty. At that scale, the company expects to comprise approximately 3% of the global Bitcoin mining network.
All Bitcoin mining hardware for Phase 2 in Yguazú has been received and installed, according to the company. Phase 3 ASICs destined for Valenzuela have been paid for and shipped, with initial batches already received on site.
HIVE operates with what it terms a dual business model, combining Bitcoin mining and high-performance computing powered by GPUs in its data centers.
This article is based on a press release statement from HIVE Digital Technologies. Financial data shows the company maintains strong liquidity with a current ratio of 3.42, while operating with a moderate debt level. Discover more detailed financial metrics and expert analysis in HIVE’s comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Hive Digital Technologies reported its first quarter fiscal 2026 results, showing improvements in revenue and wider margins. Keefe, Bruyette & Woods reiterated an Outperform rating for the company, maintaining a price target of $11. Canaccord Genuity raised its price target for Hive Digital to $10, citing attractive valuation metrics and a hash rate ramp-up. H.C. Wainwright also maintained a Buy rating with a $6 price target, highlighting the company’s rapid hash rate expansion and growth in its high-performance computing business.
Rosenblatt, however, lowered its price target to $5 due to reduced capital flexibility but kept a Buy rating. Cantor Fitzgerald increased its price target to $5.50, acknowledging Hive’s potential to become the second-fastest growing Bitcoin mining company by hash rate in 2025. Hive Digital has more than doubled its deployed hash rate to 12.5 EH/s through rapid energization and rig deployments at its Paraguay datacenter. These developments reflect Hive Digital’s ongoing efforts to enhance its operations and market position.
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