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.
Wall Street Bitcoin Miner HIVE
Expands Mining Fleet
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.
“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.
“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.
This article was written by Damian Chmiel at www.financemagnates.com.
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