Originally published on: November 11, 2024
Bitcoin mining powerhouse, Hive Digital, is ramping up its operations with the start of construction on new facilities in Paraguay, marking its fourth country of operation. The Canadian mining giant, listed on the prestigious Nasdaq, has made a massive purchase of 6,500 Canaan Avalon A1566 application-specific integrated circuits (ASICs), set to be delivered between December and March 2025.
The initial batch of 500 new ASICs has already arrived in the second week of November, with additional shipments scheduled through the first quarter of 2025. These high-powered devices will significantly increase Hive Digital’s hash rate from 5.6 EH/s to an impressive 6 EH/s by March.
Following the completion of the ASICs deliveries, Hive Digital is poised to launch a 30 MW mining capacity in Paraguay, aiming to achieve a hash rate of 8 EH/s by the end of the second quarter. With the new ASICs on board, the company’s operational efficiency will be greatly improved, from the current 22.3 J/th to a much more efficient 20.5 J/th.
Highlighting the significance of this expansion, Canaan’s chairman and CEO, Nangeng Zhang praised Hive Digital as a valuable partner, emphasizing their commitment to transparency and strong focus on ESG principles. This move comes hot on the heels of Canaan’s recent deal with miner CleanSpark, involving the sale of 3,800 Avalon A1566I Immersion Cooling Miners.
Hive Digital’s strategic expansion into Paraguay was initially announced in July, and once the facility is fully operational, it is expected to boast a massive capacity of 100 MW. Hive Digital’s hash rate is set to reach an impressive 12.5 EH/s, with a fleet efficiency of just 17.6 J/th.
In addition to its newfound presence in Paraguay, Hive Digital already operates facilities in Canada with over 100 MW capacity, as well as locations in Sweden and Iceland with a combined capacity of 46 MW. After reevaluating its business model post the Ethereum Merger, Hive Digital shifted its focus towards Nvidia GPUs for artificial intelligence, repurposing approximately 38,000 units.
As Hive Digital continues to expand its global footprint and optimize its operational capabilities, the future looks bright for this innovative crypto mining entity.
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