Hive Digital buys 6,500 ASICs, starts Paraguay construction
Hive Digital converted some of its capacity to AI after the Ethereum Merger, and now it is upgrading its Bitcoin mining capacity.
Hive Digital, a prominent Bitcoin miner, is upgrading its infrastructure and expanding operations, including constructing new facilities in Paraguay, marking its fourth country of operation. The Canadian miner, listed on Nasdaq, has purchased 6,500 Canaan Avalon A1566 ASICs, with deliveries scheduled from December through March 2025.
Hive Digital Expands
The first batch of 500 new ASICs arrived in the second week of November, with additional shipments expected throughout the first quarter of 2025. These additions will increase Hive Digital’s hashrate from 5.6 exahashes per second (EH/s) to 6 EH/s by March, according to the company.
After the full delivery of the ASICs, Hive Digital anticipates that 30 megawatts of mining capacity will come online in Paraguay, which will further boost the company’s hashrate to 8 EH/s by the end of Q2. These new ASICs will also improve the company’s efficiency, reducing its energy consumption from 22.3 joules per terahash (J/TH) to 20.5 J/TH. Canaan’s chairman and CEO, Nangeng Zhang, commented:
“Hive has managed to optimize the use of its mining sites, resulting in some of the highest Bitcoin production rates per active hashrate in the industry.”
Hive Digital Adapts to Industry Changes
Hive Digital announced its expansion to Paraguay in July. Once the Paraguay facility is completed, it will have a capacity of 100 MW, bringing Hive Digital’s total hashrate to 12.5 EH/s, with an improved fleet efficiency of 17.6 J/TH.
In addition to its upcoming operations in Paraguay, Hive Digital operates facilities in Canada with over 100 MW of capacity, and in Sweden and Iceland, where they have a combined 46 MW of capacity.
Following the Ethereum Merger, when the blockchain transitioned from proof-of-work to proof-of-stake, Hive Digital shifted its business model. The company, which had previously contributed to Ethereum’s proof-of-work network, repurposed its Nvidia GPUs for artificial intelligence applications. Hive now operates around 38,000 Nvidia GPUs.
