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.
Wall Street Bitcoin Miner HIVE
Digital Expands Mining Operations with Major ASIC Order
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.”
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,” Frank Holmes, Executive Chairman, commented.
HIVE Targets Paraguay for
100MW Green Mining Facility
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.
Hive Digital’s Revenue
Increased by 37%
HIVE
Digital Technologies is undertaking significant initiatives to enhance its
revenue streams. The company plans to construct a new…
