Hive Mining, an information middle 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 corporate additionally revealed a purchase order of practically $20 million in mining ASICs to revamp its present gear.
Hive Doubles Down on Paraguayan Mining Wager, Proclaims $20 Million ASIC Funding
Hive, a synthetic intelligence and bitcoin mining firm, has lately revealed that it has commenced work on a beforehand introduced website in Paraguay. It’s going to additionally 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 big development in our optimized-ROI funding technique.”
The Canaan miners come to exchange older fashions with much less mining energy and effectivity, permitting Hive to extend its mining numbers, because the Avalon A1566 was chosen “based mostly on its superior ROI underneath each bear and bull market circumstances” per Hive’s statements.
Concerning 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 capability, equal to roughly 2 EH/s, to come back on-line by early calendar Q2 2025, elevating HIVE’s complete hashrate to eight EH/s by the top of calendar Q2 2025,” Kilic burdened.
This transfer dispels the doubts earlier than the primary announcement in July, which reported negotiations had been in a complicated state however nonetheless relied on 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.
Nevertheless, the federal government dismissed these considerations and the protests in regards to the legality of those hikes, and a number of other organizations centered on transferring their websites to extra crypto-friendly nations like Brazil and even El Salvador.
Learn extra: Hive Proclaims Plans to Transfer Into Paraguay Amidst Bitcoin Mining Energy Hike Turmoil
Learn extra: Extreme Greed: Extra Bitcoin Mining Firms Are Abandoning Paraguay for Brazil
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