HIVE Digital buys Bitfarms’ Paraguay site for $56m, targets 25 EH/s by Q3

HIVE Digital has signed a multi-million deal to acquire a 200 MW mining site in Paraguay, with plans to achieve 25 EH/s by September.

Canadian Bitcoin (BTC) mining giant HIVE Digital is set to acquire Bitfarms‘ 200 MW hydro-powered mining site in Paraguay, boosting its mining power to 25 EH/s by September. The power pump represents more than a 400% increase from its current capacity of 6 EH/s, HIVE revealed in a Jan. 28 press release.

The facility, called Yguazú, will be developed in two phases. The first phase — which is already 80% complete — is set to go live by Q2, adding 6 EH/s, while the second one — expected by August — will contribute another 6.5 EH/s using Bitmain S21+ hydro-cooled ASICs.

“HIVE’s enhanced operational capacity in Paraguay will total 300 MW upon completion of this acquisition, bringing its global capacity, including existing facilities in Canada and Sweden, to 430 MW by Q3 2025.”

HIVE Digital

The $56 million deal includes a large power station and all its infrastructure. Per the press release, HIVE will pay $25 million upfront, with the rest paid over the period of six months. The project will be funded using HIVE’s cash and crypto holdings. HIVE will also cover $19 million in deposits and construction costs to finish the site.

With the acquisition, HIVE doubles down on its plan to achieve 3% of the global Bitcoin mining network, said HIVE’s executive chairman Frank Holmes. Amid the news, HIVE shares rose 5% in pre-market trading, just the next day after a 10% drop, which was part of a broader sell-off among Bitcoin mining firms. The decline was reportedly linked to market concerns over rumors about an advanced AI startup emerging in China.