HIVE Digital Technologies, a publicly listed Bitcoin miner from Wall Street, has announced a major expansion of its BTC mining capabilities. The company has placed an order for 5,000 new Avalon A15-194T ASIC miners from Canaan, following a previous purchase of 6,500 Avalon miners earlier in November. This brings HIVE’s total new miner purchases this month to 11,500 units, with the aim of boosting its operational capacity to 6.4 exahash per second (EH/s) by the end of 2025.
Aydin Kilic, President & CEO of HIVE, expressed the importance of this investment in Canaan’s Avalon A15-194T miners, stating that it is a crucial step in enhancing their ROI-focused strategy. The new miners will improve HIVE’s energy efficiency, operating at 19.5 joules per terahash (J/TH) compared to the current fleet’s 22.3 J/TH. This demonstrates the company’s commitment to operational optimization and maximizing profitability in both bull and bear market conditions.
HIVE is not alone in its efforts to ramp up mining capabilities, as other publicly listed Bitcoin miners from Wall Street are also making strategic moves. Canaan recently raised $30 million for investments, while MARA secured $850 million in interest-free funding for a major Bitcoin purchase.
In addition to expanding its mining capabilities, HIVE provided updates on its Paraguay facility construction. The company is aiming to have 30 megawatts of mining capacity in Paraguay by early Q2 2025, with plans to add approximately 2 EH/s to its hashrate. The full facility completion is expected by Q3 2025.
Frank Holmes, Executive Chairman of HIVE, emphasized the company’s focus on long-term growth and sustainability. With a 100 MW green energy facility under development in Paraguay, HIVE is positioning itself as a leading, geographically diversified Bitcoin miner. The relationship with Canaan is highlighted as crucial for building long-term partnerships and ensuring operational efficiency.
Despite facing challenges in profitability, with a net loss before tax of $7.3 million in Q3 2024, HIVE is optimistic about its growth prospects. The company’s revenue reached $22.6 million, with significant contributions from its diversified high-performance computing services. As the price of Bitcoin approaches $100,000 and mining difficulty reaches record highs, HIVE and other miners are working towards improving financial performance and maximizing returns.
As the BTC price continues to climb, reaching almost $98,000 on major exchanges, HIVE and other Bitcoin miners are gearing up for increased mining activity and operational efficiency to navigate the evolving market landscape.