Hive Digital spends over $60 million to buy 13,480 Bitmain mining machines

Canadian Bitcoin mining company Hive Digital announced on Tuesday that it has spent more than $60 million to purchase 13,480 Bitmain Antminer S21+ Hydros mining machines to expand its operations in Paraguay. These mining machines can provide 4.3 EH/s computing power. The company also obtained an option to purchase the same product of 4.3 EH/s, which can be exercised within one year. If the option is fully exercised, Hive's mining machine computing power can be expanded to 8.6 EH/s, and plans to reach 15 EH/s by the summer of 2025. Executive Chairman Frank Holmes said that once fully deployed, the expansion to 15 EH/s will "drive Hive's annual revenue to more than $300 million based on current mining economics and bring more than $200 million in mining profits." (Decrypt)