HIVE Digital Technologies has acquired Bitfarms’ 200 MW hydro-powered facility in Yguazú, Paraguay, boosting its mining capacity by 317%. This expansion will raise HIVE’s total mining infrastructure in Paraguay to 300 MW. The company aims for a total operational capacity of 430 MW by Q3, with plans to enhance hashrate to 25 EH/s by 2025 through sustainable practices.
HIVE Digital Technologies has successfully acquired a 200 MW hydro-powered Bitcoin mining facility in Yguazú, Paraguay, from Bitfarms for $56 million. This acquisition will increase HIVE’s mining capacity by 317%, raising their total infrastructure in the country to 300 MW. This comprises their existing 100 MW project in Valenzuela, which is scheduled to become operational by mid-2025.
This strategic expansion should elevate HIVE’s global operational capacity to 430 MW across Paraguay, Canada, and Sweden by the third quarter of this year. HIVE’s executive chairman, Frank Holmes, stated that this acquisition reflects the company’s commitment to sustainable and high-growth expansion in the mining sector.
Development of the Yguazú site will occur in two phases: the first phase, set for completion in April, aims to enhance HIVE’s mining power by approximately 6 exahashes per second (EH/s). The second phase is projected to be completed by the end of August, potentially adding another 6.5 EH/s facilitated through hydro-cooled mining rigs. Successful execution of these projections could bring HIVE’s total hashrate to 25 EH/s by September.
HIVE’s chief executive, Aydin Kilic, emphasized their priority in delivering shareholder value and promoting local sustainability. He highlighted that the acquisition will enable HIVE to quadruple its mining capacity from 6 EH/s to 25 EH/s by 2025, while upholding energy-efficient operations in the industry.
The company has already secured ASIC miners for 15 EH/s, including an order for Bitmain S21+ Hydro models, but acknowledges the need for additional equipment to fully achieve its 25 EH/s target. In related news, HIVE had reported a 20% year-over-year increase in Bitcoin holdings for February, stating a total of 89 BTC mined, with total reserves now at 2,620 BTC valued at approximately $220 million.
HIVE Digital Technologies has made a strategic acquisition to significantly boost its Bitcoin mining capacity through the purchase of a hydro-powered facility in Paraguay. This expansion aligns with HIVE’s goals for sustainable growth and efficiency, with plans to increase their total hashrate significantly by 2025. Their focus on delivering value to shareholders while promoting environmentally sustainable practices underscores their commitment to leadership in the cryptocurrency mining space.
Original Source: crypto.news
