HIVE Digital acquires 6500 ASIC miners, starts Paraguay facility construction

HIVE Digital announced two significant developments on November 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 statement from the company, HIVE ordered 6,500 ASIC miners from Canaan Inc.; each unit can produce 185 terahashes per second at a more energy efficient rate than their older machines.

In Bitcoin mining, “hash rate” refers to the processing power required to solve the complex calculations that secure the network and verify transactions. Higher hashrates generally mean more mining power and more Bitcoin (BTC) mining potential.

The new machines will be delivered in batches, with the first 500 expected this week and the rest planned for early 2025. These upgrades will increase HIVE’s total mining capacity to 6 exahash per second by March 2025, improving the company’s overall energy efficiency.

Shares of Hive traded over 15% in intraday trading.

Paraguay resort

In addition to the ASIC upgrade, HIVE has begun construction of a new 100 MW facility in Paraguay. This location, planned to operate on renewable energy, aligns with HIVE’s commitment to sustainable mining.

The first 30 MW of capacity (approximately 2 EH/s) is expected to come into operation in the early second quarter of 2025. When all 100 MW come online by the end of 2025, HIVE’s total hashrate could reach 12.5 EH/s.