HIVE Digital Technologies has acquired a 200 MW hydro-powered mining facility in Yguazú, Paraguay from Bitfarms for $56 million. This acquisition is expected to enhance HIVE’s mining capacity by 317%, growing its total infrastructure to 300 MW in Paraguay. The company anticipates a global capacity of 430 MW by Q3 2025 and aims to increase its hashrate to 25 EH/s in the coming years.
HIVE Digital Technologies has finalized the acquisition of Bitfarms’ 200-megawatt hydro-powered facility located in Yguazú, Paraguay, for a total of $56 million, which is set to enhance its mining capacity by 317%. This move significantly bolsters HIVE’s total mining infrastructure in Paraguay to 300 MW, alongside its existing 100 MW project in Valenzuela, scheduled to be operational by mid-2025. Moreover, the company anticipates its global operational capacity will reach 430 MW across Paraguay, Canada, and Sweden by the third quarter of this year.
Frank Holmes, Executive Chairman of HIVE, articulated that this acquisition reflects the company’s strategic commitment to sustainable and substantial growth. The Yguazú facility’s development will occur in two phases, with the first phase expected to be completed by April, potentially adding about 6 exahashes per second (EH/s) to HIVE’s mining power. The second phase, set to conclude by the end of August, may further contribute 6.5 EH/s utilizing hydro-cooled mining technologies. If successful, the company’s overall hashrate could reach 25 EH/s by September 2025.
Aydin Kilic, HIVE’s Chief Executive, emphasized that the company’s priority is to create shareholder value while promoting sustainable growth in local communities. He remarked on the significant enhancement in capacity, stating, “This acquisition allows us to quadruple our capacity — from 6 EH/s to 25 EH/s in 2025 — while maintaining one of the most energy-efficient operations in the industry.”
HIVE has already secured ASIC miners capable of delivering 15 EH/s, including a noted order of the Bitmain S21+ Hydro models. However, the company acknowledges that additional acquisitions will be essential to achieve its ambitious target of 25 EH/s. Recently, HIVE reported a significant over 20% year-over-year increase in Bitcoin holdings, mining a total of 89 BTC in February, culminating in total holdings of approximately 2,620 BTC, valued at around $220 million as of March 9.
In conclusion, HIVE Digital Technologies’ acquisition of the Yguazú facility represents a strategic and substantial investment in expanding its mining capacity while focusing on sustainable practices. This acquisition not only strengthens HIVE’s operational capacity to reach 430 MW but also underscores a commitment to maximizing shareholder value through efficient and environmentally-conscious mining solutions. Moving forward, the company is set to further enhance its global mining output, establishing itself as a significant player in the cryptocurrency mining sector.
Original Source: crypto.news
