Hive, an artificial intelligence and bitcoin mining company, has recently revealed that it has commenced work on a previously announced site in Paraguay. It will also revamp part of its mining hardware. For this, Hive revealed an investment of nearly $20 million in Canaan-branded application-specific integrated circuits (ASICs).
Hive revealed that it had purchased 6,500 Canaan Avalon A1566 units, 500 arriving this week and the remaining being delivered in four monthly installments from December 2024 through March 2025. Hive’s President and CEO Aydin Kilic remarked on the relevance of this acquisition for the company, stating that it represented “a significant advancement in our optimized-ROI investment strategy.”
The Canaan miners come to replace older models with less mining power and efficiency, allowing Hive to increase its mining numbers, as the Avalon A1566 was selected “based on its superior ROI under both bear and bull market conditions” per Hive’s statements.
Regarding the Paraguayan mining site, Hive revealed that construction had already begun and that all the electrical hardware was already ordered. “We anticipate 30 MW of mining capacity, equivalent to roughly 2 EH/s, to come online by early calendar Q2 2025, raising HIVE’s total hashrate to 8 EH/s by the end of calendar Q2 2025,” Kilic stressed.
This move dispels the doubts before the first announcement in July, which reported negotiations were in an advanced state but still depended on final approval from the company. Hive’s movements happened when many mining companies already operating in the country protested power hikes that affected the economic sustainability of their activities.
However, the government dismissed these concerns and the protests about the legality of these hikes, and several organizations focused on moving their sites to more crypto-friendly countries like Brazil or even El Salvador.
Read more: Hive Announces Plans to Move Into Paraguay Amidst Bitcoin Mining Power Hike Turmoil
Read more: Excessive Greed: More Bitcoin Mining Companies Are Abandoning Paraguay for Brazil
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