HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) Ltd has ordered 6,500 Canaan Avalon A1566 ASIC bitcoin miners from Canaan Inc.
The first delivery of 500 units is expected this week, with further installments scheduled through March 2025.
This new equipment is set to replace older models, enhancing HIVE's mining capacity to 6 EH/s by March 2025 while improving fleet efficiency from 22.3 J/TH to 20.5 J/TH.
Frank Holmes, executive chairman of HIVE, stated: "Our disciplined capital management allows us to seize opportunities for ASIC upgrades, boosting efficiency and adding accretive value while building our Bitcoin HODL.
“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."
Aydin Kilic, president and chief executive, highlighted the benefits of the new machines: "Our recent order of the Canaan Avalon A1566 marks a significant advancement in our optimized-ROI investment strategy. These top-of-the-line ASIC miners from the Avalon series offer 185 TH/s per machine with a unit efficiency of 16.5 J/TH, setting a new benchmark in our fleet's performance."
HIVE also provided an update on its Paraguay operations, where construction of a 100 MW green energy facility is now underway.
The company expects to bring 30 MW of mining capacity online by early Q2 2025, increasing HIVE's total hashrate to 8 EH/s by the end of Q2.
The facility’s full 100 MW capacity is projected to be operational by Q3 2025, which would elevate HIVE’s total hashrate to 12.5 EH/s with improved efficiency.