Hive Digital’s $56 million acquisition of a 200 MW hydro-powered mining facility in Paraguay will increase its global Bitcoin mining capacity to 25 EH/s by late 2025.
Hive Digital Secures Major Paraguay Expansion
Hive Digital Technologies Ltd. (TSXV: HIVE) has announced a $56 million acquisition of Bitfarms’ 200-megawatt (MW) hydro-powered Bitcoin mining facility in Yguazú, Paraguay. The purchase includes a 240 MVA substation, land, and existing infrastructure, positioning Hive to expand its total mining capacity to 25 exahash per second (EH/s) by September 2025.
Scaling to 430 MW Global Mining Power
With this acquisition, Hive’s operations in Paraguay will reach 300 MW, complementing its existing sites in Canada and Sweden. The company’s total global capacity is expected to hit 430 MW by Q3 2025.
The Yguazú expansion will roll out in two phases:
- Phase 1 (80% complete) will add 6 EH/s by April 2025.
- Phase 2 will contribute another 6.5 EH/s by August 2025, utilizing hydro-cooled ASIC Bitcoin miners.
Strategic Investments in ASIC Miners and Infrastructure
Hive has secured 15 EH/s worth of ASIC miners, including Bitmain S21+ Hydro and Canaan Avalon models, aiming for a fleet efficiency of 16.5 joules per terahash. Additional ASIC purchases will follow to reach the 25 EH/s target.
The total development cost is estimated at $400,000 per MW. A separate 100 MW project in Paraguay, set to energize by June 2025, will add another 6.5 EH/s, bringing interim capacity to 13 EH/s before full expansion.
Financial Structure of the Deal
Under the agreement, Hive will pay:
- $25 million upfront in Q1 2025
- $31 million in six monthly installments
- $19 million in power purchase agreement deposits to Paraguay’s utility ANDE
Funding will come from Hive’s cash reserves and digital assets.
Renewable Energy and Economic Impact
Hive’s expansion aligns with its sustainable mining strategy, leveraging Paraguay’s hydroelectric power while boosting local economic development through utility payments and job creation.
Stay updated on Hive Digital’s expansion and its impact on the Bitcoin mining sector. Follow Hive’s announcements for the latest developments.
