Learn how Aydin Kilic and the Hive team strategically leveraged Bitcoin and green energy to build an efficient crypto mining operation — and how they manage a Bitcoin treasury for their business.

In the wake of Bitcoin 2025 in Las Vegas—where digital asset infrastructure and financial strategy dominated discussions—Cryptoworth™ sat down with Aydin Kilic, President and CEO of Hive Digital Technologies. As one of the earliest publicly listed crypto miners, Hive has scaled rapidly while maintaining a disciplined approach to crypto finance, especially around balance sheet management.

This conversation is particularly relevant for finance leaders evaluating digital asset accounting. Kilic explains how Hive is scaling to 25 exahash without relying on traditional debt while remaining compliant and audit-ready across multiple jurisdictions.

What Is Hive Digital Technologies?

Hive Digital Technologies made history as the first publicly listed crypto mining firm in 2017. Starting with a modest two-megawatt Ethereum mining setup in Iceland, Hive quickly grew into the world’s largest Ethereum mining operation, reaching more than 120,000 GPUs in Sweden.

Today, Hive’s Bitcoin operations run entirely on hydropower, enabling industry-leading uptime, exceptional energy efficiency, and minimal G&A costs. The firm has survived two Bitcoin halvings, Ethereum’s transition to proof-of-stake, and even designed its own ASIC miner — the BuzzMiner — in collaboration with Intel.

The Green Path to Exponential Hash Power

Under Kilic’s leadership, Hive has evolved into a model of strategic growth. What began as a 2-megawatt GPU setup is now a major Bitcoin miner operating 10 exahash, with plans to reach 25 exahash, powered by 300 megawatts of green energy from Paraguay’s Itaipu Dam.

“We forecast that with 25 exahash, Hive could be doing close to $500 million in annualized revenue by this fall,”

— Aydin Kilic

Remarkably, this expansion has not relied on traditional capital markets. Hive instead leverages zero-interest loans backed by Bitcoin, retaining upside potential through favorable buy-back rights.

“All our Bitcoin is mined using green hydro energy… we’re described as very lean and mean.”

This combination of renewable energy, financial discipline, and efficient operations positions Hive as a standout in both ESG and crypto mining performance.

Managing Bitcoin on the Balance Sheet

Hive strategically uses Bitcoin reserves to finance growth instead of issuing equity. With 620 Bitcoin on its balance sheet (as of April), the firm also has the option to repurchase 1,500 Bitcoin at $87,000 each, underscoring a deliberate strategy focused on non-dilutive scaling.

Back Office Operations

CFO Darcy Daubaras oversees one of the industry’s most experienced crypto finance teams, managing reporting across several jurisdictions including Canada, Sweden, Paraguay, Bermuda, Switzerland, and exchanges such as NASDAQ and TSX.

Despite this complexity, Hive maintains robust reconciliation and audit-readiness processes.

“Darcy and our general counsel ensure the regulators are happy. They’re our referees.”

This level of rigor sets an example for traditional finance teams considering digital asset adoption.

Treasury Strategy

Hive follows a hybrid treasury model:

• Sells some Bitcoin daily to cover operational costs

• Holds Bitcoin strategically during favorable market or capital conditions

This approach preserves liquidity while maximizing upside potential.

“It’s a bit of an art and a science… we sell Bitcoin at values above what we mined it — or hodl, depending on capital cost.”

This dynamic strategy has helped Hive successfully navigate Bitcoin halvings and the Ethereum Merge.

Custody, Compliance, and the Controller’s View

Though Hive does not publicly share details of its custody stack, Kilic emphasized the strength of the company’s accounting and compliance workflows. Treasury decisions involve the CEO, CFO, and executive chairman to ensure unified strategy and risk management.

For finance teams evaluating digital asset involvement, Kilic offered clear advice:

“Unless you have deep expertise, it’s better to buy spot Bitcoin and store it in cold storage than to mine it.”

This reinforces the idea that mining requires specialized operational and financial expertise, while holding digital assets demands strong custody and reporting frameworks.