HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) has announced the purchase of 5,000 Avalon A15-194T ASIC miners from Canaan, enhancing its mining efficiency and operational capacity.
This follows an earlier acquisition of 6,500 Avalon miners, bringing November's total orders to 11,500 units.
These miners will replace older equipment, increasing HIVE's hashrate to 6.4 EH/s by March next year and improving efficiency to 19.5 J/TH by the end of 2025.
Additionally, the company said that construction on its 100 MW green energy facility in Paraguay is progressing, with 30 MW expected online by Q2 2025, further boosting HIVE's hashrate to 8.3 EH/s and targeting 12.8 EH/s by late 2025.
"Our treasury management strategy enables us to invest in high-impact, next-generation ASICs, improving our operational efficiency while increasing our Bitcoin holdings,” HIVE executive chairman Frank Holmes commented.
“With our 100 MW green energy facility under development in Paraguay, we're well-positioned to deliver long-term growth for shareholders and cement our status as a leading, geographically diversified Bitcoin miner. Further, the relationship between our two companies highlights the importance of building long-term relationships, and Canaan's machines are workhorses."
Aydin Kilic, HIVE CEO, described the investment as a crucial step for the company to enhance its ROI-focused strategy.
“We worked closely with Canaan to secure competitive pricing and payment terms for their premier Avalon series, which delivers 194 TH/s per unit and robust ROI in both bull and bear market conditions,” Kilic said.
“Sustainability and efficiency remain at the core of our operations as we continue to lead in ESG-driven Bitcoin mining."