HIVE Digital Technologies has acquired a 200 MW hydro-powered facility in Paraguay for $56 million, boosting its mining capacity by 317%. The expansion, set to be completed in phases, aims to increase total hashrate to 25 EH/s by September 2025. The company also reported a notable increase in Bitcoin production, showcasing its growth strategy and commitment to sustainability.
HIVE Digital Technologies has enhanced its mining capacity by acquiring a 200 MW hydro-powered facility from Bitfarms located in Yguazú, Paraguay, for a total of $56 million. This acquisition is poised to augment HIVE’s mining infrastructure to a total of 300 MW in Paraguay, including a 100 MW project in Valenzuela anticipated to be operational by mid-2025. Furthermore, the company expects its overall operational capacity to increase to 430 MW across multiple regions, including Canada and Sweden by the third quarter of the year.
Frank Holmes, executive chairman of HIVE, highlighted that this acquisition exemplifies the company’s commitment to sustainable and high-growth expansion. The development of the Yguazú site will occur in two phases. The first phase is projected to be completed by April and is expected to contribute approximately 6 exahashes per second (EH/s) to HIVE’s mining capabilities. The second phase, scheduled for completion by late August, aims to add an additional 6.5 EH/s utilizing hydro-cooled mining equipment. This could increase HIVE’s total hashrate to 25 EH/s by September.
Aydin Kilic, CEO of HIVE, expressed that their overarching priority focuses on delivering value to shareholders while promoting sustainable growth in the local region. The strategic acquisition is expected to quadruple HIVE’s capacity from 6 EH/s to 25 EH/s by 2025, while ensuring the operations maintain energy efficiency. The company has already procured ASIC miners capable of supporting 15 EH/s, including the Bitmain S21+ Hydro models, although additional acquisitions will be necessary to achieve the targeted 25 EH/s.
In addition to the expansion efforts, HIVE reported a significant increase in its Bitcoin production, with a year-over-year growth of over 20%. As of early March, the firm disclosed that it mined 89 BTC in February, raising its total Bitcoin holdings to 2,620 BTC, valued at approximately $220 million.
In conclusion, HIVE Digital Technologies’ acquisition of the Yguazú hydropower facility marks a significant milestone in its operational expansion efforts. With planned developments set to substantially increase its mining capacity and a pronounced commitment to sustainability, the firm is well-positioned to enhance its market standing. The integration of additional ASIC miners further reflects HIVE’s proactive strategy toward achieving its ambitious hashrate targets.
Original Source: crypto.news
