HIVE Digital buys Bitfarms’ Paraguay site for $56m, targets 25 EH/s by Q3

HIVE Digital has signed a multi-million deal to amass a 200 MW mining web site in Paraguay, with plans to realize 25 EH/s by September.

Canadian Bitcoin (BTC) mining big HIVE Digital is about to amass Bitfarms‘ 200 MW hydro-powered mining web site in Paraguay, boosting its mining energy to 25 EH/s by September. The facility pump represents greater than a 400% improve from its present capability of 6 EH/s, HIVE revealed in a Jan. 28 press release.

The ability, referred to as Yguazú, will likely be developed in two phases. The primary part — which is already 80% full — is about to go dwell by Q2, including 6 EH/s, whereas the second — anticipated by August — will contribute one other 6.5 EH/s utilizing Bitmain S21+ hydro-cooled ASICs.

“HIVE’s enhanced operational capability in Paraguay will whole 300 MW upon completion of this acquisition, bringing its world capability, together with present services in Canada and Sweden, to 430 MW by Q3 2025.”

HIVE Digital

The $56 million deal contains a big energy station and all its infrastructure. Per the press launch, HIVE pays $25 million upfront, with the remaining paid over the interval of six months. The challenge will likely be funded utilizing HIVE’s money and crypto holdings. HIVE may also cowl $19 million in deposits and development prices to complete the positioning.

With the acquisition, HIVE doubles down on its plan to realize 3% of the worldwide Bitcoin mining community, stated HIVE’s govt chairman Frank Holmes. Amid the information, HIVE shares rose 5% in pre-market buying and selling, simply the following day after a ten% drop, which was a part of a broader sell-off amongst Bitcoin mining corporations. The decline was reportedly linked to market considerations over rumors about a sophisticated AI startup rising in China.