Canadian cryptocurrency mining firm HIVE Digital has announced plans to build a 100MW mining center in Paraguay to boost its revenue.

HIVE Digital is preparing to construct a 100 megawatt Bitcoin mining center in Paraguay. This development is anticipated to double the firm’s revenue and enhance its hashrate. The Vancouver-headquartered miner stated that the new crypto mining site will generate “over $100 million” of stable U.S. dollar revenue for Paraguay’s government-owned utility company.

Frank Holmes, HIVE’s executive chairman, remarked that the deal is projected to add up to an “additional 6.5 Exahash per second” (EH/s) to the firm’s Bitcoin mining operations, increasing its global resources to 12.1 EH/s. He noted,

“This represents a significant milestone in our diversified growth strategy and supports our commitment to expanding our global footprint with data center operations in Canada, Sweden, Iceland, and now Paraguay.”

Additionally, HIVE Digital disclosed the purchase of 500 Bitmain S21 Pro Antminers. HIVE’s COO, Luke Rossy, mentioned that this acquisition is necessary to “maintain our cadence in upgrading our equipment every month.” The units are expected to arrive later in July, and once fully installed, the firm anticipates its total operational hashrate to rise to 5.6 EH/s.

Earlier in July, HIVE Digital reported an increase in its crypto holdings to 2,503 BTC, reflecting a growth of over 2% from the previous month. The company mined a total of 119 BTC in June, maintaining its performance level from May. Following this announcement, HIVE Digital’s shares (HIVE) surged more than 13% on Nasdaq, reaching $4.15.

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