HIVE Digital completes acquisition of Paraguay’s Yguazú site, seeks 317% mining boost

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Hydro-Powered Bitcoin Bonanza?

<a href="https://usdinrusd.com/hive-usd/">HIVE</a> Digital completes acquisition of Paraguay’s Yguazú site, seeks 317% mining boost

So, HIVE Digital, this Canadian crypto mining company, has gone and bought the 200 MW hydro-powered facility in Paraguay owned by Bitfarms. Apparently, they paid a cool $56 million for the privilege. Big bucks, right? Especially when you consider they’re getting a mining operation that runs on water. It’s like Bitcoin mining with a side of waterfall 🏞️.

HIVE’s already got another 100 MW project cooking in Valenzuela, Paraguay, set to launch in mid-2025. So, by the third quarter of this year, they’re projecting their global mining capacity to hit a whopping 430 MW. That’s across Canada, Sweden, and, of course, Paraguay. Frank Holmes, HIVE’s executive chairman, says this acquisition is all about “sustainable, high-growth expansion.” Which, I guess, sounds impressive until you realize it involves making a lot of money by, well, basically turning water into digital gold. 🤑

The plan is to develop the Yguazú site in two phases. The first phase should be done by April and add about 6 exahashes per second to HIVE’s mining power. Phase two, expected to wrap up by August, might add another 6.5 EH/s. If everything goes according to plan, HIVE could be sitting on a 25 EH/s hashrate by September. That’s a lot of Bitcoin mining. HIVE’s CEO, Aydin Kilic, says their priority is “delivering shareholder value while fostering sustainable local growth.” Yeah, sustainable local growth, like the kind that comes with having a massive Bitcoin mining operation that requires a lot of electricity ⚡️.

“Our priority is delivering shareholder value while fostering sustainable local growth. This acquisition allows us to quadruple our capacity — from 6 EH/s to 25 EH/s in 2025 — while maintaining one of the most energy-efficient operations in the industry.”

HIVE’s chief executive Aydin Kilic

HIVE has already got its hands on ASIC miners for 15 EH/s, including some Bitmain S21+ Hydro models. But, they’ll need to do some more shopping if they want to reach their 25 EH/s goal. In March, HIVE reported a 20% year-over-year increase in Bitcoin holdings. They mined 89 BTC in February, bringing their total holdings to 2,620 BTC, which is worth about $220 million. Not bad for a company that’s basically running a giant underwater computer farm!

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2025-03-19 14:42