Content
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 were hot topics, Cryptoworth sat down with Aydin Kilic, President and CEO of Hive Digital Technologies. As one of the earliest publicly listed crypto miners, Hive has not only scaled rapidly but also implemented a disciplined approach to crypto finance, especially in how it manages digital assets on the balance sheet.
👉This conversation is especially relevant for finance leaders considering digital asset accounting. Kilic's insights spotlight how Hive is scaling to 25 exahash without taking on traditional debt, while remaining compliant and audit-ready across multiple jurisdictions.
This article is part of our coverage of Bitcoin 2025’s summary, with finance-relevant takeaways available on the Cryptoworth website.
What is Hive Digital Technologies?
Hive Digital Technologies made history as the first publicly listed crypto mining firm, debuting in September 2017. The journey began with a modest two-megawatt Ethereum mining setup in Iceland, which rapidly evolved into the largest Ethereum mining operation globally, boasting over 30 megawatts and approximately 120,000 GPUs in northern Sweden.
Today, all Bitcoin operations are fueled by hydro power, setting Hive apart with best-in-class uptime, sector-leading efficiency, and minimal general and administrative (G&A) costs. Having weathered two Bitcoin halvings and Ethereum’s transition to proof-of-stake, Hive has also designed its own ASIC miner, the BuzzMiner, in collaboration with Intel.
The Green Path to Exponential Hash Power
Under the leadership of Aydin Kilic, this mining business stands as a model of strategic growth in the crypto mining space. As the first public crypto miner—launching in 2017 with Ethereum—Hive pivoted from a two-megawatt GPU operation in Iceland to one of the largest publicly traded Bitcoin miners globally. They now operate approximately 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,” Kilic explained, underscoring their trajectory.
Traditional capital markets didn't fuel this monumental growth. Instead, Hive used a clever strategy of pledging Bitcoin—not selling it—to fund its expansion. They did this with zero-interest loans, maintaining upside potential by retaining buy-back rights at favorable buy-back terms.
“All our Bitcoin is mined using green hydro energy,” Kilic emphasized. “We're described as very lean and mean.”
Their operational efficiency and use of renewable energy enhance both sustainability and profitability—a powerful message for investors increasingly focused on ESG metrics.
Managing Bitcoin on the Balance Sheet
Hive strategically utilized Bitcoin reserves to finance growth rather than issuing equity. With 620 Bitcoin on its balance sheet as of April, the firm has the optionality to repurchase 1,500 Bitcoin at $87,000 each. This move reflects a calculated approach to scaling without dilution, maximizing return on investment.
Back Office Operations
Hive’s financial operations reflect that. CFO Darcy Daubaras, one of the longest-tenured finance leaders in crypto mining, oversees a team that manages reporting across Canada, Sweden, Paraguay, Bermuda, Switzerland, and exchanges including NASDAQ and TSX.
This multinational scope adds complexity to reconciliation and audit preparation. Yet Kilic emphasized their readiness: “Darcy and our general counsel ensure the regulators are happy. They’re our referees.”
Finance teams in traditional sectors should take note—establishing a sound reporting infrastructure from day one can set a strong foundation for cross-border and multi-jurisdictional compliance.
Treasury Strategy
Hive applies a hybrid treasury model. Some Bitcoin is sold daily to cover operating costs, while at other times the firm capitalizes on low equity capital costs to hold its Bitcoin. The CEO, CFO, and executive chairman jointly make these decisions.
Kilic highlighted the hybrid approach used in managing Bitcoin treasury operations: a mix of daily sales to cover operating expenses and holding during bullish periods. This ensures flexibility without overexposing the company to market downturns or expensive debt.
“It’s a bit of an art and a science,” he said. “We sell Bitcoin at values above what we mined it… or huddle, depending on capital cost.”
This dynamic approach helps stabilize their financials while preserving investor value, an edge critical to surviving two Bitcoin halvings and the Ethereum Merge.
Custody, Compliance, and the Controller’s View
Though Hive doesn’t publicly detail its custody stack, Kilic made it clear that the firm’s accounting and compliance workflows are robust and collaborative. Treasury decisions involve the CFO, CEO, and executive chairman, ensuring alignment across operations, capital strategy, and reporting.
For controllers evaluating digital asset adoption, Kilic offered practical advice: “Unless you have deep expertise, it’s better to buy spot Bitcoin and store it in cold storage than to mine it.”
This underscores a growing theme: mining is an infrastructure-heavy business requiring specialized knowledge, while holding digital assets still demands rigorous custody and reporting controls.
A full summary of Bitcoin 2025’s finance-relevant takeaways is available on the Cryptoworth website.
Closing Note
As more businesses evaluate the role of digital assets on their balance sheets, the example set by Hive Digital Technologies offers a valuable reference point.
For companies seeking to manage digital assets responsibly—from reconciliation to regulatory compliance—it's essential to implement systems that support audit readiness and financial accuracy. Cryptoworth helps enterprises streamline these processes through robust crypto accounting automation, freeing finance teams to focus on higher-value tasks.
Cryptoworth is the best option for businesses of all sizes. It simplifies complex crypto accounting with features like automated transaction importing, cost-basis calculations, and support for 200+ blockchains and 1,000+ integrations, including QuickBooks and Xero. This automation frees up your team to focus on more strategic tasks. Learn more about how Cryptoworth helps accountants close month-end faster.
Hive Digital Technologies is not affiliated with Cryptoworth software. This article is published as part of Cryptoworth’s ongoing finance and crypto infrastructure insights from web3 conferences.
About the Guest Speaker
Aydin Kilic, President and CEO of Hive Digital Technologies Ltd, is a trailblazer in public crypto mining. Since joining Hive, Kilic has led it through strategic transformations—building proprietary miners with Intel, entering new markets like Paraguay, and pioneering non-dilutive funding methods using Bitcoin. His leadership reflects a blend of financial rigour and blockchain innovation.
Frequently Asked Questions
1. How can companies manage crypto treasury operations without taking on unnecessary financial risk?
As Hive’s experience shows, hybrid treasury models—where Bitcoin is selectively sold or held based on market and capital conditions—can provide both liquidity and strategic upside. Finance teams should implement treasury policies that align with their risk tolerance, operational needs, and market outlook, supported by tools that offer real-time asset tracking and forecasting.
2. What are the key financial compliance concerns when operating across multiple jurisdictions with digital assets?
Compliance complexity scales quickly with cross-border operations. Hive, for instance, manages compliance across jurisdictions like Canada, Sweden, and Paraguay. Controllers must ensure local reporting obligations are met and maintain internal controls that allow for consolidated, audit-ready financials.
3. What are the best practices for recording and reporting crypto transactions in enterprise accounting systems?
Accurate cost-basis tracking, impairment handling, and reconciling blockchain activity with fiat accounting are central to sound crypto financial reporting. Specialized digital asset software like Cryptoworth can help automate these tasks while ensuring ledger accuracy and audit readiness.