Hive Digital Technologies Ltd. announced the acquisition of Bitfarms’ 200 MW hydro-powered Bitcoin mining facility in Yguazú, Paraguay, aiming to increase its global mining capacity to 25 exahash per second (EH/s) by September 2025.
Hive Digital’s Paraguay Purchase to Quadruple Bitcoin Mining Capacity by Late 2025
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Hive Digital Expands to 430 MW Global Capacity with Paraguay Hydro-Powered Site
The $56 million deal includes a 240 MVA substation, land, and facilities, expanding Hive Digital Technologies‘ (TSXV: HIVE) operational capacity in Paraguay to 300 MW. The firm insists that combined with existing sites in Canada and Sweden, the company’s global capacity will reach 430 MW by Q3 2025.
The Yguazú site will be developed in two phases: Phase 1, 80% complete, will add 6 EH/s by April 2025, while Phase 2 will add 6.5 EH/s by August 2025 using hydro-cooled application-specific integrated circuit (ASIC) bitcoin miners.
Hive estimates total completion costs at $400,000 per MW. A separate 100 MW Paraguay project, set for June 2025 energization, will contribute an additional 6.5 EH/s, bringing interim capacity to 13 EH/s.
The company has secured ASIC miners for 15 EH/s, including Bitmain S21+ Hydro and Canaan Avalon models, targeting a fleet efficiency of 16.5 joules per terahash. Further ASIC purchases are planned to reach the 25 EH/s goal.
Under the agreement, Hive said it will pay $25 million at closing in Q1 2025 and $31 million in six monthly installments. It also assumes $19 million in power purchase agreement deposits to Paraguayan utility ANDE and remaining construction costs. Financing will come from existing cash and digital currency reserves.
Hive, operational in Canada and Sweden, focuses on sustainable blockchain infrastructure powered by renewable energy. The Paraguay expansion aligns with its strategy to leverage hydroelectric resources while contributing to local economic development through utility payments and job creation.
