HIVE Digital Technologies has acquired Bitfarms’ 200 MW hydro-powered facility in Paraguay for $56 million, boosting its mining capacity by 317%. This acquisition elevates HIVE’s total infrastructure in Paraguay to 300 MW, with plans to develop the site for an additional 12.5 EH/s in phases. By 2025, HIVE aims to quadruple its capacity to 25 EH/s while maintaining energy efficiency.
HIVE Digital Technologies has successfully acquired a 200-megawatt hydro-powered facility in Yguazú, Paraguay, previously owned by Bitfarms, for the sum of $56 million. This acquisition is expected to enhance HIVE’s mining capacity by an impressive 317%, elevating its total capacity in Paraguay to 300 MW, which also includes a 100 MW project in Valenzuela scheduled for activation by mid-2025.
The company anticipates that its global operational capacity will rise to 430 MW by the third quarter of this year, leveraging resources across Paraguay, Canada, and Sweden. HIVE’s executive chairman, Frank Holmes, remarked that this acquisition “demonstrates our strategic focus on sustainable, high-growth expansion.”
HIVE’s development plan for the Yguazú site is outlined in two phases. The first phase aims for completion by April and is expected to add approximately 6 exahashes per second (EH/s) to the mining power. The second phase, projected for completion by the end of August, is anticipated to contribute an additional 6.5 EH/s through the use of hydro-cooled mining rigs, potentially raising HIVE’s total hashrate to 25 EH/s by September.
HIVE’s chief executive, Aydin Kilic, emphasized the company’s commitment to maximizing shareholder value while promoting sustainable local growth. He stated that this acquisition would enable them to quadruple their capacity from 6 EH/s to 25 EH/s by 2025, while operating one of the most energy-efficient mining operations in the industry.
Furthermore, HIVE has secured ASIC miners capable of generating 15 EH/s, including an order for Bitmain S21+ Hydro models; however, additional acquisitions will be necessary to achieve their lofty target of 25 EH/s. In a report released in early March, HIVE noted a more than 20% increase in Bitcoin holdings year-over-year, having mined 89 BTC in February, thus elevating their total holdings to 2,620 BTC, valued at approximately $220 million.
The acquisition of the Yguazú mining facility marks a significant milestone for HIVE Digital Technologies in expanding its mining capabilities and underscores the company’s commitment to sustainable energy practices. With ambitious projections for increased mining power and global operational capacity, HIVE aims to enhance shareholder value while maintaining efficiency in its operations.
Original Source: crypto.news
