Hive Mining, a knowledge heart and crypto mining firm, gave an replace on the development of a Paraguayan bitcoin mega mining website that may host 100MW of mining {hardware}. The firm additionally revealed a purchase order of practically $20 million in mining ASICs to revamp its present gear.
Hive Doubles Down on Paraguayan Mining Bet, Announces $20 Million ASIC Investment
Hive, a synthetic intelligence and bitcoin mining firm, has lately revealed that it has commenced work on a beforehand introduced website in Paraguay. It may also revamp a part of its mining {hardware}. For this, Hive revealed an funding of practically $20 million in Canaan-branded application-specific built-in circuits (ASICs).
Hive revealed that it had bought 6,500 Canaan Avalon A1566 models, 500 arriving this week and the remaining being delivered in 4 month-to-month installments from December 2024 by means of March 2025. Hive’s President and CEO Aydin Kilic remarked on the relevance of this acquisition for the corporate, stating that it represented “a significant advancement in our optimized-ROI investment strategy.”
The Canaan miners come to switch older fashions with much less mining energy and effectivity, permitting Hive to extend its mining numbers, because the Avalon A1566 was chosen “based on its superior ROI under both bear and bull market conditions” per Hive’s statements.
Regarding the Paraguayan mining website, Hive revealed that development had already begun and that each one {the electrical} {hardware} was already ordered. “We anticipate 30 MW of mining capacity, equivalent to roughly 2 EH/s, to come online by early calendar Q2 2025, raising HIVE’s total hashrate to 8 EH/s by the end of calendar Q2 2025,” Kilic burdened.
This transfer dispels the doubts earlier than the primary announcement in July, which reported negotiations have been in a sophisticated state however nonetheless trusted closing approval from the corporate. Hive’s actions occurred when many mining corporations already working within the nation protested energy hikes that affected the financial sustainability of their actions.
However, the federal government dismissed these considerations and the protests concerning the legality of those hikes, and several other organizations targeted on transferring their websites to extra crypto-friendly nations like Brazil and even El Salvador.
Read extra: Hive Announces Plans to Move Into Paraguay Amidst Bitcoin Mining Power Hike Turmoil
Read extra: Excessive Greed: More Bitcoin Mining Companies Are Abandoning Paraguay for Brazil
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