Key Points
- HIVE Digital has acquired 6,500 new Canaan Avalon A1566 ASIC miners and initiated the construction of a 100-megawatt mining facility in Paraguay.
- The new miners and facility are expected to significantly boost HIVE’s total mining capacity and energy efficiency.
HIVE Digital recently reported two major developments.
The company has purchased 6,500 new Canaan Avalon A1566 ASIC miners and has started building a 100-megawatt mining facility in Paraguay.
Acquisition of New Miners
HIVE ordered 6,500 ASIC miners from Canaan Inc., as per their company release.
Each unit can produce 185 terahashes per second, which is more energy-efficient compared to the previous models.
The term “hashrate” in Bitcoin mining refers to the processing power required to solve complex calculations that secure the network and validate transactions.
Higher hashrates usually signify greater mining power and the potential to mine more Bitcoin (BTC).
The new machines will be delivered in batches, with the first 500 expected this week and the remainder due for early 2025.
These upgrades are set to raise HIVE’s total mining capacity to 6 exahashes per second by March 2025, enhancing the company’s overall energy efficiency.
Consequently, HIVE’s stock saw over 15% surge in intraday trading.
Construction of Paraguay Facility
HIVE has also started building a new 100 MW facility in Paraguay.
The location, which is expected to run on renewable energy, aligns with HIVE’s commitment to sustainable mining.
By early Q2 2025, the first 30 MW of capacity (approximately 2 EH/s) is projected to be operational.
Once the entire 100 MW is online by late 2025, HIVE’s total hashrate could reach 12.5 EH/s.