HIVE Digital Technologies has acquired a 200 MW hydro-powered mining facility in Paraguay for $56 million. This acquisition boosts its mining capacity by 317%, increasing total operational capacity to 430 MW across several countries. HIVE plans to expand its mining power significantly by 2025 while focusing on sustainable growth and value for shareholders.
HIVE Digital Technologies has successfully acquired a 200-megawatt hydro-powered facility in Yguazú, Paraguay, for $56 million from Bitfarms. This acquisition is poised to enhance HIVE’s mining capacity by an impressive 317%, raising its total mining infrastructure in Paraguay to 300 megawatts. The company also anticipates that its overall operational capacity will surge to 430 megawatts across Paraguay, Canada, and Sweden by the third quarter of this year.
The acquisition aligns with HIVE’s strategic objectives, as highlighted by Executive Chairman Frank Holmes, who emphasized a commitment to sustainable and high-growth expansion. HIVE plans to develop the facility in two phases, with the initial phase expected to be operational by April, adding around 6 exahashes per second to its mining capabilities.
The subsequent phase, aiming for completion by the end of August, could contribute an additional 6.5 EH/s through the use of hydro-cooled mining rigs. If all projections are met, HIVE’s total hashrate is projected to reach 25 EH/s by September 2025, effectively quadrupling its capacity from the current 6 EH/s.
CEO Aydin Kilic states their priority is to deliver shareholder value while fostering sustainable local growth, reinforcing the significance of this acquisition. HIVE has secured ASIC miners capable of delivering 15 EH/s but acknowledges that further investments will be necessary to achieve the targeted 25 EH/s.
Additionally, HIVE reported a notable increase in Bitcoin production results for February, showcasing a year-over-year rise exceeding 20%. As of March 9, the company confirmed that it mined 89 BTC in February, leading to total holdings of 2,620 BTC valued at approximately $220 million.
In conclusion, HIVE Digital’s acquisition of the Yguazú facility marks a significant expansion in their mining capabilities, doubling their operational capacity and enhancing their strategic focus on sustainable growth. With planned developments in place, HIVE aims to increase its hashrate significantly while maintaining energy efficiency. This acquisition positions the company favorably in the competitive cryptocurrency mining landscape, promising enhanced shareholder value in the process.
Original Source: crypto.news
