HIVE Digital Technologies Pivots to AI Infrastructure While Expanding Bitcoin Mining Fleet to 22 EH/s

Dual Growth Strategy Accelerates Conversion of European Data Centers

HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) has announced a significant milestone: its global Bitcoin-mining operations now operate at 22 Exahash per second (EH/s), representing 267% year-to-date expansion. Simultaneously, the company is converting existing Tier-1 data centers into high-performance computing (HPC) facilities across Northern Europe to capitalize on the surging demand for AI infrastructure.

The dual-engine approach reflects a broader industry trend where digital-infrastructure operators are diversifying beyond traditional mining into AI cloud services. HIVE’s strategy positions it at the intersection of blockchain scalability and enterprise AI deployment—two of the fastest-growing segments in digital infrastructure.

Mining Operations Reach New Scale

HIVE’s 22 EH/s capacity is anchored by its Valenzuela campus in Paraguay, the company’s third 100-megawatt green facility in the region. The hydroelectric-powered site, drawing renewable energy from the Itaipu Dam, currently generates 9.5 Bitcoin daily with fleet efficiency metrics of approximately 17.8 Joules per Terahash (J/TH). At a $47 Hashprice, HIVE is achieving a 55% mining margin after electricity costs—a competitive efficiency ratio that underscores the operational advantages of renewable-powered mining in emerging markets.

Management expects the fleet to reach 25 EH/s by late November 2025, with targeted efficiency improvements to 17.5 J/TH. Additional ASIC hardware is already installed and coming online. This growth trajectory matters significantly to the company’s valuation model: digital-infrastructure operators are typically valued at multiples of revenue and cash flow, making EH/s expansion a direct lever for shareholder returns.

By 2026, HIVE is targeting 35 EH/s capacity, maintaining the operational scale necessary to sustain its competitive positioning in an increasingly efficient mining landscape.

European AI Cloud Infrastructure Takes Shape

The company’s more notable pivot is occurring in Europe. HIVE is converting a Tier-1 data center in Boden, Sweden, into a liquid-cooled Tier-3 HPC facility—a repurposing strategy that accelerates cash-flow generation compared to greenfield builds. Traditional data-center construction from the ground up typically requires three years; converting existing infrastructure compresses that timeline to approximately nine months.

Engineering and design are complete, with construction commencing this quarter. The upgraded facility will support 2,000 NVIDIA GPUs for enterprise-grade AI and machine-learning workloads across the European Union. This expansion builds on HIVE’s existing AI operations in downtown Stockholm, which have operated for two years and validated market demand for low-latency, renewable-powered compute resources among early enterprise customers.

The Boden facility represents the second major hub in HIVE’s European strategy. Combined with the BUZZ data center in Toronto—scheduled to deploy an additional 2,000 GPUs in 2026—and planned capacity growth in New Brunswick, HIVE has now secured power infrastructure and land rights at three strategic locations globally.

Scaling the AI Portfolio

Through a colocation partnership with Bell Canada, HIVE’s BUZZ division can rapidly deploy GPU infrastructure with flexible scaling capabilities. Across its global pipeline, the company expects to operate approximately 6,000 GPUs by 2026, serving both AI training and inference workloads. This positions HIVE to capture demand across two distinct AI market segments: model development and inference deployment.

Frank Holmes, Executive Chairman, noted that Bitcoin miners historically functioned as pioneer builders of digital-infrastructure networks—developing substations, fiber connectivity, and energy-optimization systems that eventually laid the groundwork for today’s hyperscale AI data centers. This foundational work is now being replicated globally, with large-scale renewable-powered HPC projects (such as the proposed Stargate campus) mirroring the infrastructure-development patterns established by early mining companies.

Funding and Forward Outlook

All hardware for HIVE’s Paraguay expansion is fully funded and delivered, supported by fixed-rate hydroelectric power that ensures predictable economics. The company is modeling robust annual recurring revenue potential from both Bitcoin production and AI Cloud contracts, using non-GAAP industry metrics consistent with comparable operators.

Johanna Thornblad, Sweden Country President, emphasized that the Boden conversion reinforces Sweden’s competitive position in sustainable digital infrastructure, enabling faster and more efficient enterprise-grade AI capacity delivery to EU markets compared to traditional data-center builds.

Management expects the combined bitcoin-mining and AI-infrastructure strategy to drive material cash-flow expansion through 2026, positioning HIVE as a dual-platform operator bridging blockchain and AI compute cycles.

Forward-Looking Statements: This announcement contains forward-looking information subject to risks and uncertainties. Actual results may differ from projections based on digital-currency volatility, regulatory changes, energy-cost fluctuations, construction timelines, competitive pressures, and capital-market conditions. Investors should conduct independent due diligence. Financial projections reflect market conditions as of September 2025.