From financemagnates
The publicly listed Bitcoin miner from Wall Street, HIVE Digital Technologies Ltd (NASDAQ: HIVE), is significantly expanding its BTC production capabilities through a substantial order of next-generation mining equipment and the development of a new facility in Paraguay. It marks the company’s push to boost operational capacity amid evolving market conditions, including record-high hashrate and mining difficulty.
The Vancouver-based crypto mining company announced the purchase of 6,500 Canaan Avalon A1566 ASIC miners, with the initial deployment of 500 units scheduled this week. The remaining 6,000 miners will be delivered in monthly installments between December 2024 and March 2025.
“We want to express our sincere gratitude to HIVE for choosing Canaan’s mining solutions for their operations,” said Nangeng Zhang, Chairman and CEO of Canaan. “Securing a significant order is always rewarding, but it holds particular meaning when it comes from HIVE—a long-standing customer and a pioneer in Bitcoin mining.”
Frank Holmes, Executive Chairman of HIVE
The new Avalon A1566 miners, operating at 185 TH/s with 16.5 J/TH efficiency, represent a significant upgrade from HIVE's existing equipment. This enhancement is expected to increase the company's total mining capacity to 6 EH/s by March 2025, while improving fleet efficiency from 22.3 J/TH to 20.5 J/TH.
“Our disciplined capital management allows us to seize opportunities for ASIC upgrades, boosting efficiency and adding accretive value while building our Bitcoin HODL,” commented Frank Holmes, Executive Chairman.
Simultaneously, HIVE has broken ground on a 100-megawatt facility in Paraguay. The company expects to bring 30 MW online by early Q2 2025, supporting approximately 2 EH/s of mining capacity. The full facility completion is targeted for Q3 2025, potentially pushing HIVE's total hashrate to 12.5 EH/s.
“With construction underway for our 100 MW green energy facility in Paraguay, we are using cash flow from operations to drive growth and capitalize on our position as both a Bitcoin proxy and an operational business. HIVE is committed to accretive investments that elevate shareholder value and cash flow,” added Holmes.