HIVE Digital announced two significant developments on Nov. 10: the acquisition of 6,500 new Canaan Avalon A1566 ASIC miners and the construction of a 100-megawatt mining facility in Paraguay.
According to a company release, HIVE has ordered 6,500 ASIC miners from Canaan Inc., with each unit capable of producing 185 terahashes per second at a more energy-efficient rate compared to its older machines.
In Bitcoin mining, “hashrate” refers to the processing power needed to solve complex calculations that secure the network and verify transactions. Higher hashrates typically mean 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 rest scheduled for early 2025. These upgrades will increase HIVE’s total mining capacity to 6 exahashes per second by March 2025, boosting the company’s overall energy efficiency.
Hive’s stock traded by over 15% in intraday trading.
Paraguay facility
In addition to the ASIC upgrade, HIVE has begun construction on a new 100 MW facility in Paraguay. This location, which is planned to operate on renewable energy, aligns with HIVE’s commitment to sustainable mining.
By early Q2 2025, the first 30 MW of capacity (about 2 EH/s) is expected to be operational. Once the full 100 MW is online by late 2025, HIVE’s total hashrate could reach 12.5 EH/s.
