HIVE Digital Technologies has completed the acquisition of Bitfarms’ 200-megawatt hydro-powered facility in Yguazú, Paraguay, in a deal valued at $56 million. This strategic expansion is set to increase the company’s mining capacity by 317%, positioning HIVE for significant growth in the competitive Bitcoin mining sector.
Major Expansion in Paraguay
With this acquisition, HIVE’s total mining infrastructure in Paraguay will reach 300 MW, including its 100 MW project in Valenzuela, which is slated for activation by mid-2025. The company anticipates that by Q3, its global operational capacity will expand to 430 MW across Paraguay, Canada, and Sweden.
HIVE’s Executive Chairman, Frank Holmes, emphasized the company’s focus on sustainable expansion, stating:
“This acquisition demonstrates our strategic focus on sustainable, high-growth expansion.”
Two-Phase Development Plan
HIVE plans to develop the Yguazú site in two phases:
- Phase 1 (April Completion): Expected to add approximately 6 exahashes per second (EH/s) to HIVE’s mining power.
- Phase 2 (August Completion): Projected to contribute another 6.5 EH/s using hydro-cooled mining rigs.
If both phases are completed as planned, HIVE’s total hashrate could reach 25 EH/s by September, marking a significant leap from its current capacity of 6 EH/s.
HIVE’s CEO, Aydin Kilic, underscored the acquisition’s impact on both shareholder value and local economic growth:
“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.”
Scaling Up with ASIC Miners
HIVE has already secured ASIC miners for 15 EH/s, including an order of Bitmain S21+ Hydro models, but additional hardware acquisitions will be required to meet its ambitious 25 EH/s target.
Strong Bitcoin Holdings and Continued Growth
In early March, HIVE reported a more than 20% year-over-year increase in Bitcoin holdings. In a March 9 press release, the Vancouver-based mining firm announced it had mined 89 BTC in February, bringing its total holdings to 2,620 BTC, worth approximately $220 million.
With this latest acquisition, HIVE Digital is positioning itself as a leader in sustainable Bitcoin mining, leveraging hydro-powered energy solutions to scale its operations while maintaining efficiency.
