HIVE's Paraguay Expansion: 200MW Mining Facility Boosts Capacity by 400%

HIVE Digital Technologies, a leading player in the cryptocurrency mining industry, has announced a significant expansion with the acquisition of a mining facility in Paraguay. The Yguazu Mining Facility, with a capacity of 200 MW, is set to become a crucial addition to HIVE's global operations. Upon completion, the facility is expected to contribute to HIVE's performance level of 25 EH/s (exahashes per second) by September 2025.

The acquisition is part of HIVE's strategy to increase its cryptocurrency mining capacity by over 400%. Currently operating at 6 EH/s, the new Yguazu facility will add an additional 300 MW of power once fully operational. The facility is being developed in two phases. The first phase, which is 80% complete, is expected to start in the second quarter of 2024 and will add 6 EH/s to HIVE's global capacity. The second phase, scheduled to end by August 2024, will add another 6.5 EH/s, utilizing Bitmain S21+ hydro-cooled ASICs for efficient and environmentally friendly mining operations.

The deal, valued at $56 million, includes the purchase of the mining facility, a substation, and related land and infrastructure. HIVE will pay $25 million upfront and the rest in installments over six months, financing the deal with its current cash and digital currency reserves. Once fully operational, this acquisition will significantly increase HIVE's global mining capacity to 430 MW by the third quarter of 2025, including its existing capacity.

In addition to the acquisition, HIVE will cover $19 million in deposits and construction costs to complete the site. This strategic move strengthens HIVE's position in the global cryptocurrency mining industry, enabling it to utilize cost-effective energy sources and advanced technology to enhance its efficiency and competitiveness.

HIVE Digital continues to grow its presence in the Bitcoin mining sector through a dual strategy. In 2024, the global crypto miner secured a major deal with Canaan Creative Global (CCG), a Singapore-based subsidiary. Under the agreement, CCG will supply HIVE with 6,500 Avalon A1566 miners. This move marked a pivotal shift in HIVE's plan to bolster its Bitcoin