Hive Digital Technologies Ltd., a leader in sustainable blockchain infrastructure, has announced a significant expansion of its operations with the purchase of 6,500 Canaan Avalon A1566 ASIC miners. The company has also commenced construction of a 100-megawatt green energy facility in Paraguay.

The new ASIC miners, each delivering 185 terahashes per second (TH/s) with an efficiency of 16.5 joules per terahash (J/TH), represent a substantial upgrade from the company’s older 30 J/TH models. The first batch of 500 units arrived in mid-November, with the remaining 6,000 units scheduled for delivery between December 2024 and March 2025.

Frank Holmes, Executive Chairman of Hive Digital, emphasized that disciplined capital management has enabled the company to seize opportunities for ASIC upgrades, thereby boosting efficiency and adding value while building their Bitcoin holdings. He noted that construction is underway for the 100 MW green energy facility in Paraguay, utilizing cash flow from operations to drive growth and capitalize on their position as both a Bitcoin proxy and an operational business.

The Paraguay facility is expected to bring 30 MW of mining capacity online by early Q2 2025, equivalent to approximately 2 exahashes per second (EH/s), raising Hive’s total hashrate to 8 EH/s by the end of Q2 2025. The full 100 MW capacity is projected to be operational by Q3 2025, achieving a targeted hashrate of 12.5 EH/s with a fleet efficiency of 17.6 J/TH.

Aydin Kilic, President and CEO of Hive Digital, stated that the recent order of the Canaan Avalon A1566 marks a significant advancement in their optimized return on investment strategy. He highlighted that these top-of-the-line ASIC miners set a new benchmark in the company’s fleet performance.

Nangeng Zhang, Chairman and CEO of Canaan, expressed gratitude to Hive for choosing their mining solutions, noting that Hive has been able to maximize the utilization rate of its mining sites, resulting in some of the highest Bitcoin production per active hashrate in the industry.

The expansion into Paraguay underscores Hive Digital’s commitment to sustainable growth and operational excellence, reinforcing its position as a leader in environmentally conscious blockchain infrastructure.