Hive Digital shifted part of its operations to AI following the Ethereum Merger and is now enhancing its Bitcoin mining capacity.
As it starts building facilities in Paraguay, the fourth nation in which it plans to operate, bitcoin miner Hive Digital is modernizing its infrastructure.
For delivery between December and March 2025, the Canadian miner listed on the Nasdaq has acquired 6,500 Canaan Avalon A1566 application-specific integrated circuits (ASICs).
Hive Digital Gets More Energetic
The second week of November saw the delivery of the first 500 new ASICs, and four additional shipments are scheduled to arrive through the first quarter of 2025.
By March, Hive Digital plans to increase its hash rate from 5.6 EH/s to 6 EH/s, according to the company.
30 MW of mining capacity is anticipated to come online in Paraguay shortly after the ASIC delivery is finished, raising Hive Digital’s hash rate to 8 EH/s by the end of the second quarter.
Hive Digital’s efficiency will increase from 22.3 J/th to 20.5 J/th thanks to the upgraded ASICs. Nangeng Zhang, the CEO and chairman of Canaan, stated:
“HIVE has been able to maximize the utilization rate of its mining sites, resulting in some of the highest Bitcoin production per active hashrate in the industry.”
Zhang added, “HIVE is a valuable partner, particularly considering their dedication to business transparency and their strong emphasis on ESG principles.”
At the start of the month, Canaan declared that 3,800 Avalon A1566I Immersion Cooling Miners were being sold to miner CleanSpark.
As times change, so does Hive Digital
In July, Hive Digital announced plans to expand to Paraguay. Hive Digital will have a fleet efficiency of 17.6 J/th and a hash rate of 12.5 EH/s when the Paraguay plant is finished, with a 100 MW capacity.
Apart from Paraguay, Hive Digital also has facilities in Sweden and Iceland, which together have a combined capacity of 46 MW, and Canada, which has facilities with a capacity of over 100 MW.
Following the Ethereum merger, when the blockchain switched from proof of work—to which Hive Digital had contributed—to proof of stake, the company reexamined its business strategy.
Hive Digital used Nvidia graphics processing units (GPUs) for AI technology at the time. Approximately 38,000 Nvidia GPUs are currently in use.