HIVE Digital recently made two major announcements regarding their mining operations. The company has acquired 6,500 new Canaan Avalon A1566 ASIC miners and is in the process of constructing a 100-megawatt mining facility in Paraguay.
The 6,500 ASIC miners ordered from Canaan Inc. are known for their energy efficiency, with each unit capable of producing 185 terahashes per second. This upgrade will significantly boost HIVE’s total mining capacity to 6 exahashes per second by March 2025. The new machines will be delivered in batches, starting with 500 units expected to arrive this week and the remaining scheduled for early 2025.
In the world of Bitcoin mining, hashrate is crucial as it determines the processing power required to solve complex calculations that secure the network and verify transactions. Higher hashrates equate to more mining power and the potential to mine more Bitcoin (BTC). With this new development, HIVE is set to increase its overall energy efficiency and mining capabilities.
Furthermore, HIVE has begun the construction of a new 100 MW mining facility in Paraguay. This facility is designed to operate on renewable energy sources, aligning with HIVE’s commitment to sustainable mining practices. The first 30 MW of capacity, equivalent to about 2 EH/s, is projected to be operational by early Q2 2025. Once the full 100 MW facility is up and running by late 2025, HIVE’s total hashrate could potentially reach 12.5 EH/s.
These expansions and upgrades have already had a positive impact on HIVE Digital’s stock performance, with shares trading up by over 15% in intraday trading. The company’s strategic investments in cutting-edge technology and sustainable practices are positioning them for continued success in the competitive world of cryptocurrency mining. As they continue to grow their operations and increase their mining capacity, HIVE Digital is solidifying its position as a key player in the industry.