Hive Digital Expands Bitcoin Mining with New ASICs and Paraguay Facility Construction

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A Hive Digital Bitcoin mining facility under construction in Paraguay.
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Continued Bitcoin Mining Capacity Expansion

Global cryptocurrency miner HIVE made its latest move to expand further into the globe and is expanding its operations into Paraguay. The Nasdaq-listed Canadian outfit announced that this would be its fourth international location and had acquired 6,500 Canaan Avalon A1566 ASICs to power its Bitcoin mining operations. These new ASICs are designed for high-performance mining and will be delivered in several batches between December 2024 and March 2025. Preliminary deliveries of 500 units were made in November, and the company forecasts its hashrate will increase from 5.6 exahashes per second to 6 EH/s by March. This is in line with the Hive strategy of continuous expansion and optimization of infrastructure, as was called for by the changing market.

Higher Efficiency and Hashrate Goals for the Future

With the addition of its newest facility in Paraguay, 30 megawatts are expected to go online, with further capacity expansions slated for later this year. This development is likely to increase Hive Digital’s hashrate manifold, with estimates of a possible 8 EH/s by the close of Q2 2025. The Paraguayan facility is expected to eventually deliver 100 MW of power that will ultimately help Hive Digital reach a target hashrate of 12.5 EH/s with an increased fleet efficiency of 17.6 J/TH. With such highly efficient ASICs on board, Hive will continue to lower its energy usage per mined Bitcoin, as has been the trend in the industry for cleaner mining.

Pivot to AI and ESG Commitments

HIVE Digital has weathered significant changes in the cryptocurrency market that have seen them switch the use of Nvidia GPUs for AI work following Ethereum’s shift from proof-of-work to proof-of-stake. This pivot enabled Hive to continue leveraging their infrastructure in a profitable manner, further diversifying their operations. Currently, Hive operates approximately 38,000 Nvidia GPUs pointed at AI workloads-a testament to the fluidity and foresight maintained by the company within a rapidly changing sector.

Moreover, the company is primarily focused on ESG principles. Hive’s values regarding transparency and sustainability have turned it into a very compelling partner for such environmentally concerned investors and partners. According to Canaan’s CEO Nangeng Zhang, Hive’s approach maximizes the usage rate of its mining sites, which turns it into one of the most efficient producers in the Bitcoin mining sector.

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