HIVE Acquires 1.2 EH/s of Avalon A1566 Bitcoin Miners
HIVE Digital (NASDAQ: HIVE) has acquired 6,500 units of Canaan’s Avalon A1566 Bitcoin miners totaling 1.2 EH/s to upgrade its existing mining fleet.
HIVE announced Monday that the first 500 units will be operational this week, with the remaining 6,000 units arriving in monthly installments from December through March 2025.
The new Avalon miners will replace the older generation of equipment with an efficiency of 30 J/TH, increasing HIVE’s total hashrate capacity to 6 EH/s and improving fleet efficiency to 20.5 J/TH by March. Last month, HIVE achieved a realized hashrate of 5.29 EH/s with an operating efficiency of 22.3 J/TH.
Fleet efficiency has become critical as miners contend with Bitcoin’s hashprice squeeze post-halving, particularly for firms facing high energy costs. Even as Bitcoin has reached new highs over $82,000, network revenue is at $51/PH/s—still 50% lower than pre-halving levels.
“The Avalon A1566 was selected based on its superior ROI in both bear and bull markets,” said HIVE President Aydin Kilic, though he did not disclose the transaction’s cost. Canaan’s recent earnings report indicates an average sale price of around $10/TH for its latest mining equipment.
CleanSpark also announced a recent purchase of 0.95 EH/s of Canaan’s Avalon A1566I immersion-cooling miners, signaling both CleanSpark and HIVE’s diversification beyond Bitmain, their previous primary supplier.
HIVE’s 100-megawatt expansion in Paraguay has also begun, with the company expecting 30 MW to be online by early Q2 2025 and full operation by Q3. This expansion could push HIVE’s total hashrate capacity to 12.5 EH/s with an efficiency of 17.6 J/TH, though HIVE has yet to announce additional miner purchases for the facility.
In its latest quarterly report, HIVE indicated plans to acquire approximately 28,200 S21 Pro (or equivalent) ASIC miners, costing about $115 million, for installation in Paraguay.
