HIVE Digital orders new advanced Bitcoin miners and begins construction of a 100 MW facility in Paraguay.
The expansion will increase the company's BTC mining capacity from the current 5.6 EH/s to 12.5 EH/s by Q3 2025.
The publicly
listed Bitcoin miner from Wall Street, HIVE Digital Technologies Ltd (NASDAQ: HIVE),
is significantly expanding its BTC production capabilities through a
substantial order of next-generation mining equipment and the development of a
new facility in Paraguay. It marks the company’s push to boost operational
capacity amid evolving market conditions, including record-high hashrate and
mining difficulty.
Wall Street Bitcoin Miner HIVE
Digital Expands Mining Operations with Major ASIC Order
The
Vancouver-based crypto mining company announced the purchase of 6,500 Canaan
Avalon A1566 ASIC miners, with the initial deployment of 500 units scheduled
this week. The remaining 6,000 miners will be delivered in monthly installments
between December 2024 and March 2025.
“We want to
express our sincere gratitude to HIVE for choosing Canaan’s mining solutions
for their operations,” said Nangeng Zhang, Chairman and CEO of Canaan. “Securing
a significant order is always rewarding, but it holds particular meaning when
it comes from HIVE—a long-standing customer and a pioneer in Bitcoin mining.”
The new
Avalon A1566 miners, operating at 185 TH/s with 16.5 J/TH efficiency, represent
a significant upgrade from HIVE's existing equipment. This enhancement is
expected to increase the company's total 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 opportunities for ASIC
upgrades, boosting efficiency and adding accretive value while building our
Bitcoin HODL,” commented Frank Holmes, Executive Chairman.
HIVE Targets Paraguay for
100 MW Green Mining Facility
Simultaneously,
HIVE has broken ground on a 100-megawatt facility in Paraguay. The company
expects to bring 30 MW online by early Q2 2025, supporting approximately 2 EH/s
of mining capacity. The full facility completion is targeted for Q3 2025,
potentially pushing HIVE's total hashrate to 12.5 EH/s.
“With
construction underway for our 100 MW green energy facility in Paraguay, we are
using cash flow from operations to drive growth and capitalize on our position
as both a Bitcoin proxy and an operational business. HIVE is committed to
accretive investments that elevate shareholder value and cash flow,” added
Holmes.
In the
second quarter of 2024, HIVE reported revenues totaling $32.2 million, with
$29.6 million generated from digital currency mining and $2.6 million from HPC
operations. The company achieved an adjusted EBITDA of $14.9 million and a net
income of $4.2 million before tax.
The April
2024 Bitcoin halving, which reduced mining rewards by half, has impacted
production levels across the industry. During this quarter, HIVE mined 449
Bitcoins, a decrease from 658 in the previous quarter. In comparison,
competitor Riot Platforms produced 370 Bitcoins in July alone.
The publicly
listed Bitcoin miner from Wall Street, HIVE Digital Technologies Ltd (NASDAQ: HIVE),
is significantly expanding its BTC production capabilities through a
substantial order of next-generation mining equipment and the development of a
new facility in Paraguay. It marks the company’s push to boost operational
capacity amid evolving market conditions, including record-high hashrate and
mining difficulty.
Wall Street Bitcoin Miner HIVE
Digital Expands Mining Operations with Major ASIC Order
The
Vancouver-based crypto mining company announced the purchase of 6,500 Canaan
Avalon A1566 ASIC miners, with the initial deployment of 500 units scheduled
this week. The remaining 6,000 miners will be delivered in monthly installments
between December 2024 and March 2025.
“We want to
express our sincere gratitude to HIVE for choosing Canaan’s mining solutions
for their operations,” said Nangeng Zhang, Chairman and CEO of Canaan. “Securing
a significant order is always rewarding, but it holds particular meaning when
it comes from HIVE—a long-standing customer and a pioneer in Bitcoin mining.”
The new
Avalon A1566 miners, operating at 185 TH/s with 16.5 J/TH efficiency, represent
a significant upgrade from HIVE's existing equipment. This enhancement is
expected to increase the company's total 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 opportunities for ASIC
upgrades, boosting efficiency and adding accretive value while building our
Bitcoin HODL,” commented Frank Holmes, Executive Chairman.
HIVE Targets Paraguay for
100 MW Green Mining Facility
Simultaneously,
HIVE has broken ground on a 100-megawatt facility in Paraguay. The company
expects to bring 30 MW online by early Q2 2025, supporting approximately 2 EH/s
of mining capacity. The full facility completion is targeted for Q3 2025,
potentially pushing HIVE's total hashrate to 12.5 EH/s.
“With
construction underway for our 100 MW green energy facility in Paraguay, we are
using cash flow from operations to drive growth and capitalize on our position
as both a Bitcoin proxy and an operational business. HIVE is committed to
accretive investments that elevate shareholder value and cash flow,” added
Holmes.
In the
second quarter of 2024, HIVE reported revenues totaling $32.2 million, with
$29.6 million generated from digital currency mining and $2.6 million from HPC
operations. The company achieved an adjusted EBITDA of $14.9 million and a net
income of $4.2 million before tax.
The April
2024 Bitcoin halving, which reduced mining rewards by half, has impacted
production levels across the industry. During this quarter, HIVE mined 449
Bitcoins, a decrease from 658 in the previous quarter. In comparison,
competitor Riot Platforms produced 370 Bitcoins in July alone.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
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Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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