2025 is starting to look like cryptocurrency’s big year. With several points to demonstrate this, HIVE Digital Technologies (TSE:HIVE) offered one more major one with some new plans to expand and also shift its headquarters. Investors were over the moon, and sent HIVE shares up nearly 9% in Thursday morning’s trading.
HIVE offered some big news for investors this morning, as the Bitcoin miner and AI infrastructure provider revealed that it crossed six exahashes per second for its new operational hashrate. Hashrate is the measure of how much cryptocurrency—in this case Bitcoin—an operator can mine. For HIVE, this is a substantial step upward, as reports noted it represents an increase of 47% against this time last year.
The new milestone was reached thanks, in part, to a set of new machines brought in to support the workflow. The Avalon machines from Canaan are providing not only high-end computational power but also energy-efficient operations, as they will work particularly well with new, low-cost power supplies secured in Sweden, reports noted. The power acquired in Sweden is currently running under $0.02 per kilowatt-hour.
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Meanwhile, in a move that further suggests 2025 will ultimately be the year of cryptocurrency, if not specifically Bitcoin, HIVE announced that it will be moving its headquarters from Vancouver to Texas. The reports note that this will be done in response to the incoming Trump administration, which will likely be particularly welcoming to cryptocurrency mining operations
A statement from HIVE declared that the Trump administration “…has promoted innovation and a more friendly regulatory landscape for Bitcoin miners,” noted Cointelegraph. But Texas in particular stood out as an option owing to a “…supportive business climate, energy infrastructure and access to skilled talent.”
Is Hive Digital Technologies a Good Stock to Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on TSE:HIVE stock based on six Buys assigned in the past three months, as indicated by the graphic below. After an 22.26% loss in its share price over the past year, the average TSE:HIVE price target of C$11.60 per share implies 158.83% upside potential.
