Canadian Bitcoin mining company Hive Digital is expanding its global operations, adding new infrastructure in Paraguay—the fourth country where it will operate. Recently, Hive announced the purchase of 6,500 Canaan Avalon A1566 ASICs (application-specific integrated circuits), which will be delivered from December through March 2025 to upgrade its Bitcoin mining capacity.
The first 500 ASICs arrived in early November, with additional shipments scheduled into Q1 2025. These new units will increase Hive’s hashrate from 5.6 exahashes per second (EH/s) to 6 EH/s by March. When the Paraguay facility’s initial 30 megawatts of capacity goes online shortly after, Hive’s hashrate is expected to reach 8 EH/s by the end of Q2 2025. The addition of these ASICs will also boost Hive’s energy efficiency from 22.3 J/TH (Joules per terahash) to 20.5 J/TH, enabling more efficient mining operations.
Canaan CEO Nangeng Zhang praised Hive for maximizing its mining site utilization, resulting in some of the industry’s highest Bitcoin production per active hashrate. Zhang highlighted Hive’s focus on transparent operations and commitment to ESG (Environmental, Social, and Governance) principles, positioning it as a valuable partner in sustainable crypto mining.
Hive Digital initially announced its Paraguay expansion plans in July. Upon completion, the Paraguay site will add a significant 100 MW of capacity to Hive’s portfolio, giving the company a total hashrate of 12.5 EH/s and further improving fleet efficiency to 17.6 J/TH.
In addition to its new Paraguay location, Hive operates mining facilities in Canada (with over 100 MW of capacity) and in Sweden and Iceland (46 MW combined). Hive has been evolving its business model since Ethereum’s transition from proof-of-work to proof-of-stake. When the Ethereum network completed its merger, Hive repurposed thousands of Nvidia GPUs previously used for mining to focus on artificial intelligence (AI) projects. Currently, Hive operates around 38,000 Nvidia GPUs dedicated to AI applications.
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