HIVE Digital Technologies: On Track to Mine 12 Bitcoin a Day with 25 Employees by End of Year

HIVE Digital Technologies CEO Frank Holmes has revealed that the company's Bitcoin mining operations in Paraguay are way ahead of schedule. In an interview with Scott Melker on TheStreet Roundtable, Holmes stated that the company is expected to hit 12 Bitcoin a day by the end of the year with just 25 employees.

Holmes revealed that the company's mining operations are scaling faster than anyone expected. "This quarter we're way ahead of schedule with people expected us to be hitting 11 exahash," he said. "That means our daily cash flow or revenue is pushing $650,000 a day."

HIVE's growth comes with a small but focused team. "By Thanksgiving, we hope to be at 12 Bitcoin a day," Holmes added. "So that's more than $1.2 million a day with 25 key employees. That's really efficient. That's a high revenue per employee."

An exahash is a measure of computing power used in Bitcoin mining, and the higher the exahash, the more powerful the mining operation. HIVE's current operations are expected to reach 25 exahash by the end of the year, which is roughly 3% of Bitcoin's global network.

Holmes believes the company is headed for a stock re-rating, especially as HIVE ramps up both its Bitcoin mining and its AI-powered computing services. "It's very, very exciting," he said. "And our high-performance computing AI, that's ripping too."

Unlike AWS or other platforms, HIVE rents out Nvidia chips on an hourly basis, which is a more flexible model for AI developers and startups. "We have people that get funded and they need the machines for three months where they got place to go to," Holmes explained. "So that's growing rapidly with the introduction of our H200 Nvidia chips."

In addition to its mining operations, HIVE is also gearing up for a major Bitcoin conference in Paraguay this September, where Holmes will meet with the country's president to discuss bringing more U.S. investment into the region.

HIVE expects to have over 2,000 coins on its Bitcoin inventory by the end of the year as prices hover near $100,000. "It's exponential growth that we're going to be able to generate for the shareholders," Holmes said.

Overall, HIVE Digital Technologies' rapid growth in Bitcoin mining and AI-powered computing services is exciting news for investors and industry watchers alike. With its innovative business model and impressive results, it's clear that HIVE is poised for success in the rapidly growing field of cryptocurrency and high-performance computing.