HIVE Digital Technologies Ltd. (NASDAQ: HIVE), a publicly traded Wall Street bitcoin miner, is significantly expanding its mining capacity through a major order of next-generation mining machines and the development of a new mining facility in Paraguay. This move is part of HIVE’s strategy to boost operational capacity amidst rising hashrate and increasing BTC mining difficulty.

HIVE Digital Expands Bitcoin Mining with Major ASIC Order

The Vancouver-based crypto mining company announced its purchase of 6,500 Canaan Avalon A1566 ASIC miners, with an initial deployment of 500 units scheduled for this week. The remaining 6,000 units will be delivered in monthly installments from December 2024 through March 2025.

“We greatly appreciate HIVE for choosing Canaan’s mining solutions for its operations,” said Canaan Chairman and CEO Nangeng Zhang. “Securing such a major order is always rewarding, but it’s especially meaningful when it comes from a longstanding customer and bitcoin mining pioneer like HIVE.”

The new Avalon A1566 miners, operating at 185 TH/s with an efficiency of 16.5 J/TH, represent a substantial upgrade for HIVE, expected to boost the company’s overall mining capacity to 6 EH/s by March 2025 while improving fleet efficiency from 22.3 J/TH to 20.5 J/TH.

“Our disciplined capital management allows us to seize ASIC upgrade opportunities, enhance efficiency, and strengthen our bitcoin HODL position,” commented HIVE Executive Chairman Frank Holmes.

HIVE Breaks Ground on 100MW Green Mining Facility in Paraguay

In addition, HIVE has broken ground on a 100-megawatt facility in Paraguay. The company plans to bring 30 MW online by the beginning of Q2 2025, supporting approximately 2 EH/s of mining capacity. Full completion of the facility is scheduled for Q3 2025, potentially raising HIVE’s total hashrate to 12.5 EH/s.

“With the construction of our 100MW green-powered facility in Paraguay, we are using operational cash flow to support growth and enhance our position as both a bitcoin proxy and operational business. HIVE is committed to incremental investments that increase shareholder value and cash flow,” Holmes added.

HIVE Digital Revenues Up 37%

HIVE Digital Technologies is taking significant steps to increase revenue. The company plans to build a new hydro-powered data center, which could potentially double its revenues. Additionally, HIVE is expanding into artificial intelligence (AI) by offering high-performance computing (HPC) services.

In Q2 2024, HIVE reported total revenues of $32.2 million, with $29.6 million from digital currency mining and $2.6 million from HPC operations. The company achieved an adjusted EBITDA of $14.9 million and a pre-tax net income of $4.2 million.

Impact of Halving on Mining Production

The April 2024 bitcoin halving, which reduced mining rewards by half, affected production across the industry. During this quarter, HIVE mined 449 bitcoins, a decline from 658 bitcoins in the previous quarter. By comparison, competitor Riot Platforms mined 370 bitcoins in July alone.

#BitcoinMining , #BTC☀ , #CryptoMining , #WallStreetNews , #CryptoNewsCommunity



Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“