HIVE Digital Boosts Bitcoin Mining Power with $56M Bitfarms Acquisition

Bitcoin mining firm HIVE Digital has made a significant acquisition, purchasing the massive 200-MW Bitcoin mine of Bitfarms in Yguazú, Paraguay for $56 million. This strategic move is expected to drive the operation to scale, with HIVE's Bitcoin hashrate projected to reach 25 exahashes per second (EH/s) by the end of September 2025.

The acquisition comes with extensive infrastructure, including a 240 MVA substation that can power 200 MW of capacity. HIVE Digital is committed to sustainable mining and plans to energize the Yguazú farm using green hydroelectric energy, demonstrating its dedication to environmentally friendly practices.

HIVE Digital has a growth plan in place in Paraguay. The company has completed 80% of phase one, which will add 6 EH/s to the global Bitcoin mining capacity by April 1, 2025. Phase two will add approximately 6.5 EH/s when hydro-cooled ASICs go into action, enhancing efficiency and scale by August 31, 2025.

Frank Holmes, the executive chairman of HIVE Digital, stated that the acquisition represents a 3% increase in the Bitcoin network's worldwide hashrate using clean energy. Aydin Kilic, President and CEO of HIVE Mining, commented on the buyout deal, noting that it would lead to a fourfold increase in operations, boosting their activities by 400%. Kilic emphasized the company's commitment to delivering value for shareholders and supporting regional development.

With this expansion, HIVE Digital is positioning itself to be one of the most efficient Bitcoin miners in the world, standing out from many other participants and competitors in the increasingly crowded mining market. By leveraging low-cost energy and high scalability, HIVE Digital aims to become a major player in the Bitcoin mining industry, facilitating sustained growth in the ever-growing crypto-mining sector.