HIVE Digital purchased 6,500 Avalon A1566 mining machines from Canaan Technology

ChainCatcher news, according to The Block, ASIC miner manufacturer Canaan's Singapore subsidiary has signed a procurement agreement for Avalon A1566 miners with HIVE Digital. Following the announcement, Canaan's stock price surged by 40%.

According to the agreement, Canaan will provide HIVE with 6,500 units of the A1566 miners with a computing power of 185 TH/s, of which 500 units have been delivered and are planned for installation, while the remaining 6,000 units will be delivered in four batches from December 2024 to March 2025.

In addition, HIVE Digital's 100 MW expansion project in Paraguay has commenced, expected to be operational in the third quarter of 2025, targeting a computing power of 12.5 EH/s, with a mining farm efficiency of 17.6 J/TH. As of now, Canaan (CAN) stock price has risen by 38% to $1.74, with a market capitalization of $499 million; HIVE Digital (HIVE) stock price has increased by 17% to $5.44.