HIVE Digital Technologies has acquired a 200 MW hydro-powered mining facility in Paraguay to increase its mining capacity by 317%. The company now has a total capacity of 300 MW in Paraguay, aiming for 430 MW globally by Q3. The Yguazú site development will occur in two phases and could significantly boost HIVE’s hashrate to 25 EH/s by September. The firm emphasizes sustainable and efficient growth.
HIVE Digital Technologies has successfully completed the acquisition of Bitfarms’ 200-megawatt hydro-powered facility located in Yguazú, Paraguay, for the sum of $56 million. This strategic acquisition is poised to boost HIVE’s mining capacity by an impressive 317%, with the firm aiming to expand its operational infrastructure significantly.
With the addition of the Yguazú site, HIVE’s total mining capacity in Paraguay will total 300 megawatts, which also encompasses a 100 megawatt project in Valenzuela that is projected to become operational by mid-2025. The company anticipates that its global operational capacity will reach 430 megawatts by the third quarter of the year, encompassing its facilities across Paraguay, Canada, and Sweden.
Frank Holmes, HIVE’s executive chairman, remarked that this acquisition reflects the firm’s “strategic focus on sustainable, high-growth expansion.” The development of the Yguazú site will transpire in two phases. The first phase, scheduled for completion in April, is expected to enhance HIVE’s mining power by 6 exahashes per second (EH/s), while the second phase, slated for the end of August, aims to contribute an additional 6.5 EH/s through the utilization of hydro-cooled mining rigs.
If operational targets are met, HIVE’s total hashrate could potentially achieve 25 EH/s by September. Aydin Kilic, HIVE’s Chief Executive, emphasized that the company is focused on delivering shareholder value alongside fostering sustainable local growth; this acquisition is designed to quadruple their capacity from 6 EH/s to 25 EH/s by 2025, all while ensuring energy efficiency within their operations.
HIVE has already procured ASIC miners that will deliver 15 EH/s, including an order of Bitmain S21+ Hydro models, although additional acquisitions will be necessary to fulfil the targeted 25 EH/s. In a March update, the company reported a notable increase of over 20% year-over-year in Bitcoin holdings, having mined 89 BTC in February which increased its total holdings to 2,620 BTC, currently valued at approximately $220 million.
In conclusion, HIVE Digital Technologies’ recent acquisition of the Yguazú site in Paraguay marks a significant milestone in the company’s expansion strategy, aimed at enhancing its mining capacities and operational efficiency. With plans to develop the site into a robust hydro-powered facility, HIVE demonstrates a commitment to sustainable growth while also ensuring increased shareholder value. Their strategic initiatives indicate a strong future presence in the cryptocurrency mining sector.
Original Source: crypto.news
