Aydin Kilic will oversee the company's operations across its data centers in Canada, Iceland and Sweden.
The Antminer S19j Pro machines will be delivered in stages during the first half of next year.
The order will be completed in two tranches by the end of September.
The positive adjustment could be the beginning of a surge in hashrate in the coming year.
Two large bitcoin miners are growing beyond Quebec because of restrictions on the use of power to run their operations.
Hive predicts the purchase will generate an additional $80,000 in daily income.
Following China’s recent crackdown on crypto mining, GPUs have dropped in price.
The shares will continue to trade on the TSX Venture Exchange.
Hive said it would likely not be able to meet the development conditions for the project without tax relief on electricity.
Hive shares have gained 132% year to date.
Delivery of the new machines is set to start in May.
Hive last had a $1 billion market value in November 2017.
Share prices for publicly traded bitcoin mining companies are climbing as the leading cryptocurrency sliced through $20,000 Wednesday.
Hive shares have gained over 1,200% in 2020 and trade near $1.22 over the counter.
Mining companies are soaring as bitcoin hits record highs.