The publicly listed Bitcoin miner from Wall Street, HIVE Digital Technologies (NASDAQ: HIVE) announced today (Thursday) a significant expansion of its BTC mining capabilities, ordering 5,000 new Avalon A15-194T ASIC miners from Canaan. It marks the second major purchase this month as the company positions itself for the Bitcoin price approaching $100,000.
The latest acquisition follows a previous order of 6,500 Avalon miners earlier in November, bringing HIVE’s total new miner purchases this month to 11,500 units. The company expects these upgrades to boost its operational capacity to 6.4 exahash per second (EH/s) by the end of 2025, up from its current 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 significantly improve HIVE’s energy efficiency, achieving 19.5 joules per terahash (J/TH) compared to the current fleet’s 22.3 J/TH. These units will replace older equipment operating at 30 J/TH, demonstrating the company’s focus on operational optimization.
HIVE is not the only publicly listed Bitcoin miner from Wall Street that has been “arming” in recent weeks. Canaan, which manufactures mining machines and engages in mining itself, recently raised $30 million for investments. Meanwhile, MARA, the largest miner on the market, secured $850 million in interest-free funding and is planning a major Bitcoin purchase.
Paraguay Expansion Plans
HIVE also provided updates on its Paraguay facility construction, targeting 30 megawatts of mining capacity by early Q2 2025. This initial phase is expected to add approximately 2 EH/s to the company’s hashrate, with full facility completion planned 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 improve financial performance. In its Q3 2024 report, the company posted a net loss before tax of $7.3 million. However it was notable improvement from the $22.9 million loss recorded in the same period last year, the company is still far away from profitability. Revenue reached $22.6 million, with significant contributions from its diversified high-performance computing services.
With Bitcoin’s current price nearing $100,000, mining difficulty has reached record highs, significantly cutting into miners’ profitability. Today, the BTC price is discovering new all-time highs, reaching almost $98,000 on major exchanges.
