Hive Digital, a Bitcoin
This development marks Hive Digital's fourth international base, joining existing facilities in Canada, Sweden, and Iceland. With the start of construction in Paraguay, the company aims to enhance its overall mining capacity while also upgrading its mining technology.
To fuel this growth, Hive Digital has committed to a purchase of 6,500 Canaan Avalon A1566 application-specific integrated circuits (ASICs), advanced machines optimized specifically for Bitcoin mining. The acquisition will be fulfilled through multiple shipments, with the initial 500 units already arriving in mid-November.
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The remaining deliveries will continue through March 2025, driving a progressive increase in Hive’s mining power. The anticipated improvements will see Hive’s hashrate grow from its current 5.6 exahashes per second (EH/s) to 6 EH/s by the end of the first quarter of 2025, with continued growth expected throughout the year.
Once these new ASICs are fully operational, they are expected to power up 30 megawatts (MW) of mining capacity in the Paraguayan facility by the second quarter’s end, effectively raising Hive Digital's total hashrate to 8 EH/s. This new equipment is also set to improve Hive’s energy efficiency, reducing the power usage from 22.3 joules per terahash (J/TH) to a more efficient 20.5 J/TH.
Canaan, the supplier of these ASICs, acknowledged Hive’s efficient use of mining resources, highlighting that the company’s sites have achieved some of the industry’s highest Bitcoin production rates per active hashrate. Canaan’s CEO, Nangeng Zhang, praised Hive for its responsible business practices, emphasizing its transparency and dedication to environmental, social, and governance (ESG) standards.
This strategic expansion to Paraguay was initially announced in July, with the facility projected to reach a substantial 100 MW capacity upon completion. Hive expects to push its hashrate further to 12.5 EH/s while achieving an even more favorable efficiency rate of 17.6 J/TH. This expansion plan aligns with Hive’s continuous goal of scaling its operations.
Beyond the new venture in Paraguay, Hive’s mining footprint is already extensive. The company’s primary Canadian facilities boast a combined capacity exceeding 100 MW, with an additional 46 MW spread across its sites in Sweden and Iceland. Together, these installations support Hive’s commitment to strengthening its international reach and mining power.
As Hive Digital moves forward with this expansion, the company is clearly positioning itself to capitalize on the global demand for efficient and sustainable Bitcoin mining operations.
In other news, MicroStrategy has achieved over a 100% return on investment by leading the way with a staggering $20 billion in Bitcoin holdings. What are the company's plans for the future? Read the full story.
