Bitcoin Mining Firm HIVE Digital Acquires Bitfarms Mining Site

• Hive Digital Technologies spends $56 million to acquire Bitfarms mining site.
• The company is planning a two-phase development approach for its new mining site.

HIVE Digital making headlines with its new acquisition of Bitfarms’ 200-megawatt Bitcoin mining farm located in Yguazú, Paraguay. The business is expanding its crypto-mining operations at a significant level through this acquisition.

The strategic acquisition will propel company growth while expanding Bitcoin mining hash rate capabilities to 25 EH/s by September 2025 according to the press release. 

HIVE Digital invested $56 million to purchase the Paraguay mine from Bitfarms. The acquisition provides HIVE Digital with a 240 MVA substation which offers 200 MW of capacity together with its associated infrastructure and other facilities.

HIVE Digital’s Two-Phase Development Plan

The HIVE Digital is planning a two-phase development approach for the 200 MW Yguazú site. Phase one is scheduled for completion by April 1, 2025, as the construction is in progress and 80% completed. This Phase will add approximately 6 EH/s of capacity to its global Bitcoin mining hash rate.

Phase two is expected to be completed by August 31, 2025, and this phase will add 6.5 EH/s through the deployment of hydro-cooled ASICs, leveraging advanced efficiency.

The strategic mining acquisition aligns with the company’s commitment to sustainable operations, as the whole infrastructure will run on green hydroelectric energy. Frank Holmes, HIVE’s Executive Chairman, emphasized the significance of the acquisition, noting that it will enable the company to control approximately 3% of the global Bitcoin mining network by September 2025. 

To achieve the 25 EH/s target, Hive Digital already secured ASICs for 15 EH/s from its order of Bitmain and Canaan in 2024. The company aims to achieve a global fleet efficiency of 16.5 joules per Terahash once the project gets fully operational.

Through all these Hive Digital Technologies is planning to become a leader in the mining space. If this project is successful, it will make Hive the most efficient Bitcoin miners across the globe.

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