HIVE Digital completes acquisition of Paraguay’s Yguazú site, seeks 317% mining boost

HIVE Digital has acquired Bitfarms’ 200 MW hydro-powered facility in Paraguay, expanding its mining capacity by 317%.

Bitcoin (BTC) miner HIVE Digital Technologies has acquired Bitfarms‘ 200-megawatt hydro-powered facility in Yguazú, Paraguay, for $56 million, a move that could significantly expand its mining capacity.

With this expansion, HIVE’s total mining infrastructure in Paraguay reaches 300 MW, including its 100 MW project in Valenzuela set for activation by mid-2025, the company revealed in a Tuesday press release. The company estimates its global operational capacity will grow to 430 MW across Paraguay, Canada, and Sweden by Q3.

HIVE’s executive chairman Frank Holmes says the acquisition “demonstrates our strategic focus on sustainable, high-growth expansion.”

HIVE plans to develop the Yguazú site in two phases. The first phase, expected to be completed by April, could add around 6 exahashes per second to HIVE’s mining power. The second one, anticipated by the end of August, may contribute another 6.5 EH/s using hydro-cooled mining rigs. If the company meets its projections, its total hashrate could reach 25 EH/s by September.

“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.”

HIVE’s chief executive Aydin Kilic

HIVE has already secured ASIC miners for 15 EH/s, including an order of Bitmain S21+ Hydro models, but further acquisitions will be needed to reach its 25 EH/s target, the company notes.

In early March, the Canadian crypto mining firm reported its February production results, showing a more than 20% year-over-year increase in Bitcoin holdings. In a March 9 press release, the Vancouver-based company said it mined 89 BTC, bringing its total holdings to 2,620 BTC, worth approximately $220 million.