HIVE Digital Technologies Ltd. (NASDAQ: HIVE) experienced a notable rise in stock value following an announcement of major expansion initiatives. The stock price rose 12.26% to $5.22 as of the most recent pre-market check, driven by its acquisition of 6,500 miners in a calculated move to increase mining productivity and capacity.
Strategic Fleet Modernization to Increase Capacity and Efficiency
An important milestone in HIVE’s optimized return-on-investment (ROI) plan has been reached with the purchase of Avalon A1566 ASIC miners from Canaan Inc. Within HIVE’s operational fleet, the Avalon A1566 units set a new benchmark with their 185 terahashes per second (TH/s) and very efficient performance rate of 16.5 joules per terahash (J/TH).
With an anticipated increase in overall capacity to 6 exahashes per second (EH/s) and a refined fleet efficiency of 20.5 J/TH by March 2025, this fleet update will replace older, less efficient 30 J/TH units. The remaining deliveries are planned for December 2024 to March 2025, with the first cargo of 500 miners expected to begin operations this week.
HIVE is Fueling Long-Term Development
In line with its commitment to sustainable development, HIVE is constructing a 100-megawatt (MW) green energy facility in Paraguay, utilizing operational cash flow to support its growth. This facility will enhance HIVE’s standing as a reliable Bitcoin proxy while also operating as a sustainable business entity. Once fully operational, the Paraguay site is expected to significantly bolster HIVE’s overall efficiency, contributing to a projected hashrate increase.
Future Outlook and Targeted Expansion Goals
HIVE projects an additional 30 MW of mining capacity—equivalent to approximately 2 EH/s—by early Q2 2025, lifting its hashrate to 8 EH/s by that time. By Q3 2025, the complete 100 MW Paraguay facility is expected to be functional, targeting a total fleet hashrate of 12.5 EH/s at an efficiency of 17.6 J/TH.
This expansion highlights HIVE’s ongoing commitment to scaling its environmentally-conscious blockchain infrastructure, further solidifying its leadership in the sector. Through disciplined capital management and strategic partnerships, HIVE is positioned to leverage these upgrades for long-term profitability and sustainable growth.
