HIVE Digital announced two major milestones, the building of a 100 megawatt mining plant in Paraguay and the purchase of 6,500 new Canaan Avalon A1566 ASIC miners.
HIVE has bought 6,500 ASIC miners from Canaan Inc., which can produce 185 terahashes per second at a more energy-efficient pace than its previous equipment, according to a company announcement.
The computing power required to complete intricate computations that safeguard the network and validate transactions is referred to as the “hashrate” in Bitcoin mining.
More mining power and the possibility of mining more Bitcoin are usually associated with higher hashrates.
The first 500 of the new machines are anticipated to arrive this week, with the remaining 500 to follow in early 2025.
By March 2025, these improvements will raise HIVE’s overall mining capacity to six exahashes per second, improving the business’s overall energy efficiency. During intraday trading, Hive’s stock increased by more than 15%.
Paraguay Facility
HIVE has started building a new 100 MW facility in Paraguay in addition to the ASIC upgrading. HIVE’s dedication to sustainable mining is in line with this site, which is anticipated to run on renewable energy.
It is anticipated that the first 30 MW of capacity (about 2 EH/s) would be online by early Q2 2025. By late 2025, when the entire 100 MW is operational, HIVE’s overall hashrate may be 12.5 EH/s.
