HIVE Digital has purchased Bitfarms’ 200 MW hydroelectric facility located in Paraguay, which boosts its mining capacity by 317%.
The Bitcoin (BTC) mining firm HIVE Digital Technologies has successfully acquired Bitfarms’ 200-megawatt hydroelectric site in Yguazú, Paraguay, for $56 million. This strategic move is set to significantly enhance its mining capabilities.
Following this acquisition, HIVE’s total mining infrastructure in Paraguay now stands at 300 MW, which includes a 100 MW project in Valenzuela scheduled to be operational by mid-2025, as revealed in a statement released on Tuesday. The company anticipates that its global operational capacity will reach 430 MW across Paraguay, Canada, and Sweden by the third quarter.
Frank Holmes, executive chairman of HIVE, stated that the acquisition “highlights our strategic emphasis on sustainable, high-growth development.”
HIVE intends to develop the Yguazú facility in two phases. The initial phase, expected to wrap up by April, aims to add approximately 6 exahashes per second to the company’s mining power. The second phase, projected to be completed by the end of August, is anticipated to contribute another 6.5 EH/s utilizing hydro-cooled mining equipment. If all goes according to plan, HIVE’s total hashrate could soar to 25 EH/s by September.
“Our priority is providing value to shareholders while promoting sustainable growth in the local community. This acquisition enables us to increase our capacity fourfold — from 6 EH/s to 25 EH/s in 2025 — while ensuring one of the industry’s most energy-efficient operations.”
HIVE’s chief executive, Aydin Kilic
HIVE has already secured ASIC miners capable of delivering 15 EH/s, including an order of Bitmain S21+ Hydro models. Nonetheless, the company indicates that additional acquisitions will be necessary to reach its 25 EH/s goal.
Earlier in March, the Canadian cryptocurrency mining firm reported its production results for February, indicating an over 20% year-over-year increase in Bitcoin holdings. In a press release dated March 9, the Vancouver-based company announced it mined 89 BTC, elevating its total holdings to 2,620 BTC, valued at around $220 million.