Crypto miner HIVE Digital to double revenue with 100MW center in Paraguay

Canadian cryptocurrency mining firm HIVE Digital has announced plans to build a 100MW mining center in Paraguay to boost its revenue.

Crypto mining firm HIVE Digital is gearing up to build a 100 megawatt Bitcoin (BTC) mining center in Paraguay, a move that is expected to double the firm’s revenue and increase its hashrate.

In a Monday press release, the Vancouver-headquartered miner said the crypto mining site will generate “over $100 million” of stable U.S. dollar revenue for Paraguay’s government-owned utility company. Commenting on the development, Frank Holmes, HIVE’s executive chairman said the deal is expected to add up to an “additional 6.5 Exahash per second” (EH/s) to the firm’s Bitcoin mining operations, boosting its global resources to 12.1 EH/s.

“This represents a significant milestone in our diversified growth strategy and supports our commitment to expanding our global footprint with data center operations in Canada, Sweden, Iceland and now Paraguay.”

Frank Holmes

In addition to the expansion, HIVE Digital also revealed the purchase of an additional 500 Bitmain S21 Pro Antminers, which HIVE’s COO Luke Rossy says is needed to “maintain our cadence in upgrading our equipment every month.” The units are expected to ship later in July and the firm expects its total operational hashrate to increase to 5.6 EH/s once the miners are fully installed, the press release reads.

In early July, HIVE Digital revealed a rise in its crypto holdings to 2,503 BTC, reflecting an increase of over 2% from the previous month. The company mined a total of 119 BTC in June, maintaining its performance level from May. Following the latest news, HIVE Digital’s shares (HIVE) surged more than 13% on Nasdaq, reaching $4.15, according to Google Finance data.