HIVE Digital completes acquisition of Paraguay’s Yguazú site, seeks 317% mining boost

Hive Digital has acquired a hydroelectric installation of 200 MW of Bitfarms in Paraguay, expanding its mining capacity of 317%.

Bitcoin (BTC) Miner Hive Digital Technologies has acquired Bitfarms“Hydroelectric installation of 200 megawatts in Yguazú, Paraguay, for $ 56 million, a decision that could considerably extend its mining capacity.

With this expansion, the total hive mining infrastructure in Paraguay reaches 300 MW, including its 100 MW project in Valenzuela for activation by mid-2025, the company revealed on Tuesday press release. The company estimates that its global operational capacity will increase to 430 MW in Paraguay, Canada and Sweden in the third quarter.

Hive Executive President Frank Holmes said the acquisition “demonstrates our strategic emphasis on sustainable and strong growth expansion”.

Hive plans to develop the Yguazú site in two phases. The first phase, which should be completed by April, could add around 6 exams per second to the mining power of Hive. The second, scheduled by the end of August, can contribute 6.5 EH / S using hydroelectric miners. If the company responds to its projections, its Total hashrate could reach 25 eh / s by September.

“Our priority is to provide a value of shareholders while promoting sustainable local growth. This acquisition allows us to quadruple our capacity – from 6 eh / s to 25 eh / s in 2025 – while retaining one of the most energy efficient operations in the industry. ”

The Director General of Hive Aydin Kilic

Hive has already secured the ASIC minors for 15 EH / S, including an order of Hydro Bitmain S21 +models, but other acquisitions will be necessary to achieve its objective of 25 EH / S, notes the company.

At the beginning of March, the Canadian cryptography operating firm reported Its February production results, showing an increase of more than 20% of one year on the other of Bitcoin Holdings. In a press release on March 9, the company based in Vancouver said that it had extracted 89 BTC, bringing its total assets to 2,620 BTC, worth around $ 220 million.