Vancouver-based Hive Digital (Nasdaq: HIVE) reported incremental growth in its bitcoin production for October, maintaining consistent operational metrics while advancing its mining infrastructure. The publicly listed mining firm, which focuses on sustainable data center infrastructure, recorded a month-over-month increase in mined bitcoin and announced further capacity-building initiatives.

In October, Hive said it produced 117 BTC, a 1% rise from the previous month, achieving a daily output of approximately 3.77 BTC. The company’s total holdings reached 2,624 BTC, representing a 51% year-over-year increase. Hive reported that it maintained an average mining capacity of 5.3 exahash per second (EH/s) and peaked at 5.6 EH/s, with operational efficiency measured at 22.3 joules per terahash (J/T).

To support its growth targets, Hive further noted that it began constructing a new 100-megawatt facility in Paraguay, aimed at capturing 2% of global bitcoin mining capacity. The company stated that this mission fully aligns with its strategy of green-energy-powered mining, with centers also operating in Canada, Sweden, and Iceland to-date. This facility is expected to contribute significantly to Hive’s operational expansion once complete.

As of Oct. 31, Hive valued its bitcoin holdings at $184 million, based on a closing price of around $70,215 per BTC. With the value of BTC higher on Nov. 8, the cache is worth a lot more. With plans to continue scaling sustainably, Hive stressed that it aims to strengthen its position in the global bitcoin mining market while potentially capitalizing on favorable regulatory shifts in the U.S. The bitcoin mining sector is under pressure as low revenues and the lingering effects of the recent fourth halving weigh on profitability.

This challenging environment could deter Hive Digital and other miners from aggressive expansion plans. If market conditions tighten, firms in the industry may need to reassess their growth strategies to balance sustainability with financial viability. Hive’s update notes a move toward HPC and artificial intelligence (AI) services as well.

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