HIVE Digital Acquires Paraguay’s Yguazú Site for Significant Mining Expansion
HIVE Digital Technologies has acquired a 200 MW hydro-powered facility in Yguazú, Paraguay, from Bitfarms for $56 million, increasing its mining capacity by 317%. The company’s capacity in Paraguay will reach 300 MW, alongside a planned total of 430 MW globally by Q3. HIVE aims to quadruple its hashrate to 25 EH/s by 2025 through two phases of development at the Yguazú site.
HIVE Digital Technologies has successfully acquired the 200-megawatt hydro-powered facility in Yguazú, Paraguay, from Bitfarms for $56 million. This acquisition is projected to enhance HIVE’s mining capacity by 317%, raising its total mining infrastructure in Paraguay to 300 MW. Additionally, HIVE is working on an existing 100 MW project in Valenzuela, scheduled to commence by mid-2025. The company’s overall global operational capacity is estimated to reach 430 MW across Paraguay, Canada, and Sweden by the third quarter of this year.
The company’s executive chairman, Frank Holmes, stated that the acquisition exemplifies HIVE’s strategic emphasis on sustainable, high-growth expansion. The development of the Yguazú facility will occur in two phases. The first phase, expected to conclude by April, aims to increase HIVE’s mining power by approximately 6 exahashes per second (EH/s). The second phase, slated for completion by the end of August, is expected to add another 6.5 EH/s through the use of hydro-cooled mining rigs, ultimately elevating total hashrate to 25 EH/s by September.
Chief Executive Aydin Kilic expressed that the main goal is to enhance shareholder value while fostering sustainable local growth. He emphasized that this acquisition enables the company to substantially increase its mining capacity from 6 EH/s to 25 EH/s by 2025, while ensuring one of the most energy-efficient operations in the sector. HIVE has procured ASIC miners capable of producing 15 EH/s, including a significant order for Bitmain S21+ Hydro models, yet additional acquisitions are necessary to achieve the planned capacity of 25 EH/s.
In related news, in early March, HIVE Digital reported a year-over-year increase of over 20% in Bitcoin holdings, mining a total of 89 BTC in February 2023, which elevated their total holdings to 2,620 BTC, valued at approximately $220 million.
HIVE Digital Technologies’ acquisition of the Yguazú facility significantly enhances its mining capacity, demonstrating a strategic focus on sustainable growth. With phased development at the new site and ongoing expansion efforts, the company aims to reach a total hashrate of 25 EH/s by 2025. This strategic move aligns with HIVE’s commitment to operational efficiency and shareholder value, while also significantly increasing its global mining capacity.
Original Source: crypto.news
