HIVE Digital to Acquire 200 MW Mining Site in Paraguay, Boosting Capacity to 25 EH/s

Canadian Bitcoin mining giant HIVE Digital has signed a multi-million dollar deal to acquire a 200 MW hydro-powered mining site in Paraguay. The acquisition is expected to increase HIVE’s mining power to 25 EH/s by September, representing a more than 400% increase from its current capacity of 6 EH/s.

Acquisition Details

The facility, called Yguazú, will be developed in two phases. The first phase, which is already 80% complete, is set to go live by Q2, adding 6 EH/s. The second phase, expected by August, will contribute another 6.5 EH/s using Bitmain S21+ hydro-cooled ASICs.

HIVE’s enhanced operational capacity in Paraguay will total 300 MW upon completion of this acquisition, bringing its global capacity, including existing facilities in Canada and Sweden, to 430 MW by Q3 2025.

Financial Details

The $56 million deal includes a large power station and all its infrastructure. HIVE will pay $25 million upfront, with the rest paid over the period of six months. The project will be funded using HIVE’s cash and crypto holdings.

Impact on HIVE’s Plans

With the acquisition, HIVE doubles down on its plan to achieve 3% of the global Bitcoin mining network, said HIVE’s executive chairman Frank Holmes. The acquisition is expected to boost HIVE’s shares, which rose 5% in pre-market trading after a 10% drop.

Tips for Investors

  • Keep an eye on HIVE’s progress in achieving its goal of 3% of the global Bitcoin mining network.
  • Monitor the impact of the acquisition on HIVE’s shares and overall market performance.
  • Consider the potential benefits of investing in hydro-powered mining sites, such as reduced energy costs and increased efficiency.

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