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DETROIT - HIVE Digital Technologies (NASDAQ: HIVE), specializing in sustainable data center infrastructure and generating $121 million in revenue over the last twelve months, has announced the completion of a key phase in its growth strategy. The company has finished the first infrastructure phase at its Yguazu facility in Paraguay, which includes a 100 megawatt air-cooled data center and a 200 MW substation. According to InvestingPro data, HIVE maintains a strong liquidity position with a current ratio of 10.41, indicating robust operational capability.
HIVE’s operational capacity is set to triple by the end of Q2, with aims to increase its hashrate to 25 EH/s by year-end, potentially capturing 3% of the global Bitcoin network. This follows the acquisition of Bitfarms’ hydro-powered Bitcoin mining assets in Paraguay last year, marking a significant step in the company’s expansion. With revenue growth of 26.29% over the last twelve months, HIVE demonstrates strong operational momentum. For deeper insights into HIVE’s growth trajectory and financial health, investors can access comprehensive analysis through InvestingPro’s detailed research reports.
The completion of the 100 MW data center prepares HIVE to support 5 EH/s of next-generation ASIC miners. The company is already operating 200 petahashes of hashrate at the site with its proprietary BUZZ Miners and expects to have over 20,000 new-generation ASIC units, including Bitmain S21+ units, by the end of May. HIVE projects a total hashrate of 11.5 EH/s across all operations by the end of the second quarter.
HIVE’s growth is notably being achieved without incurring debt, using a blended treasury management strategy for funding. This conservative approach is reflected in InvestingPro data showing the company holds more cash than debt on its balance sheet. The stock currently shows high volatility with a beta of 5.34, while Wall Street analysts maintain a strong buy rating, with price targets ranging from $4 to $11, indicating significant potential upside.
Furthering its expansion, HIVE has hired Carlos Anibal Torres as its new Paraguay operations and project manager. Torres brings over 15 years of experience in large-scale infrastructure and energy systems, enhancing the company’s engineering capabilities.
This development comes as Bitcoin gains more attention from institutional investors and amid expectations from some experts that Bitcoin’s value could surpass its all-time high of $108,000 in 2025. The current U.S. administration’s support for cryptocurrency and deregulation may also contribute to market growth.
The information in this article is based on a press release statement and is provided for informational purposes. For comprehensive financial analysis and additional insights, including 12 more exclusive ProTips about HIVE, visit InvestingPro.
In other recent news, Hive Digital Technologies has been the focus of several analyst updates and strategic developments. H.C. Wainwright increased its price target for Hive to $10, citing strong financial results and plans to expand its hash rate significantly in Paraguay. Meanwhile, Canaccord Genuity raised its target to $9, highlighting Hive’s commitment to green energy and its potential in artificial intelligence. Rosenblatt Securities initiated coverage with a $6 target, emphasizing Hive’s growth prospects in high-performance computing.
Cantor Fitzgerald adjusted its price target twice, first to $8 and then to $4, maintaining an Overweight rating but noting revised Bitcoin price assumptions. The firm also acknowledged Hive’s operational achievements, including mining 108 Bitcoin in March and plans to expand its hash rate to 25 EH/s by 2025. Hive’s recent acquisition of a site in Paraguay from BITF is part of its broader strategy to increase capacity. Despite these developments, Hive has not provided updates on its AI Cloud business, leaving some aspects of its operations unaddressed.
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