The publicly listed Bitcoin miner from Wall Street, HIVE Digital Technologies (NASDAQ: HIVE) introduced immediately (Thursday) a major growth of its BTC mining capabilities, ordering 5,000 new Avalon A15-194T ASIC miners from Canaan. It marks the second main buy this month as the corporate positions itself for the Bitcoin worth approaching $100,000.
The newest acquisition follows a earlier order of 6,500 Avalon miners earlier in November, bringing HIVE’s whole new miner purchases this month to 11,500 items. The firm expects these upgrades to spice up its operational capability to six.4 exahash per second (EH/s) by the top of 2025, up from its present 5.6 EH/s.
Aydin Kilic, President & CEO of HIVE
“This investment in Canaan’s Avalon A15-194T miners represents a crucial step in enhancing our ROI-focused strategy,” Aydin Kilic, President and CEO of HIVE, commented. “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.”
The new Avalon A15-194T miners will considerably enhance HIVE’s power effectivity, reaching 19.5 joules per terahash (J/TH) in comparison with the present fleet’s 22.3 J/TH. These items will exchange older gear working at 30 J/TH, demonstrating the corporate’s deal with operational optimization.
HIVE shouldn’t be the one publicly listed Bitcoin miner from Wall Street that has been “arming” in current weeks. Canaan, which manufactures mining machines and engages in mining itself, just lately raised $30 million for investments. Meanwhile, MARA, the biggest miner in the marketplace, secured $850 million in interest-free funding and is planning a serious Bitcoin buy.
Paraguay Expansion Plans
HIVE additionally supplied updates on its Paraguay facility building, focusing on 30 megawatts of mining capability by early Q2 2025. This preliminary section is anticipated so as to add roughly 2 EH/s to the corporate’s hashrate, with full facility completion deliberate for Q3 2025.
Frank Holmes, Executive Chairman of HIVE
“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,” Frank Holmes, Executive Chairman of HIVE, added. “Further, the relationship between our two companies highlights the importance of building long-term relationships, and Canaan’s machines are workhorses.”
The Wall Street Bitcoin miner is ramping up its mining capabilities to enhance monetary efficiency. In its Q3 2024 report, the corporate posted a internet loss earlier than tax of $7.3 million. However it was notable enchancment from the $22.9 million loss recorded in the identical interval final 12 months, the corporate continues to be distant from profitability. Revenue reached $22.6 million, with important contributions from its diversified high-performance computing companies.
With Bitcoin’s present worth nearing $100,000, mining problem has reached document highs, considerably chopping into miners’ profitability. Today, the BTC worth is discovering new all-time highs, reaching nearly $98,000 on main exchanges.
