HIVE Digital Acquires 6,500 ASIC Miners, Breaks Ground on 100 MW Facility in Paraguay

HIVE Digital, a leading cryptocurrency mining company, made two major announcements on November 10, revealing the acquisition of 6,500 new Canaan Avalon A1566 ASIC miners and the commencement of construction on a 100-megawatt mining facility in Paraguay.

New Miner Acquisition

As part of its expansion strategy, HIVE has ordered 6,500 state-of-the-art ASIC miners from Canaan Inc. Each of these new units is capable of delivering 185 terahashes per second (TH/s), significantly improving mining efficiency compared to the company’s older equipment. The miners are designed to contribute to the processing power of Bitcoin’s blockchain, known as hashrate, which plays a crucial role in securing the network and verifying transactions. A higher hashrate translates into more mining power and increased potential to mine Bitcoin.

The 6,500 new miners will be delivered in phases, with the first batch of 500 units expected to arrive this week, and the remainder slated for delivery in early 2025. Once fully deployed, these machines will bring HIVE’s total mining capacity to an impressive 6 exahashes per second (EH/s) by March 2025. The upgrade is expected to substantially enhance the company’s energy efficiency, in line with its sustainability goals.

Following the announcement, HIVE’s stock surged by more than 15% in intraday trading, reflecting investor optimism about the company’s growth prospects.

New Facility in Paraguay

In addition to upgrading its mining hardware, HIVE has also broken ground on a new mining facility in Paraguay, which will feature a capacity of 100 MW. This facility is being built with a strong emphasis on sustainability, as HIVE plans to power the entire operation using renewable energy sources.

The first phase of the project, which will involve the activation of 30 MW (approximately 2 EH/s) of capacity, is expected to be completed and operational by the second quarter of 2025. The full 100 MW facility is scheduled to be up and running by the end of 2025, at which point HIVE’s total hashrate could reach 12.5 EH/s, significantly boosting its position in the competitive mining sector.

With these strategic moves, HIVE Digital is positioning itself for substantial growth in both mining capacity and energy efficiency, while aligning with the increasing industry demand for sustainable Bitcoin mining practices.