A strategic operation promising to quadruple Hive’s mining capacity by leveraging Paraguay’s hydroelectric power.
Hive Digital has announced the acquisition of Bitfarms’ 200 MW facility in Paraguay, for a total value of $85 million. The operation will be completed in the first quarter of 2025.
The agreement includes a payment of $56 million for the facility acquisition, with $25 million due at closing and $31 million in semi-annual installments. Additionally, $19 million will be paid for energy deposit reimbursements and approximately $10 million to complete remaining construction obligations.
The Yguazú facility, currently under development, will be completed in two phases. The first phase, already 80% complete, will be operational by April and will provide a capacity of 6 EH/s. The second phase, scheduled for August, will add another 6.5 EH/s through water-cooled ASIC implementation.
The operation is part of Hive’s broader strategic plan, which has received support from Paraguayan President Santiago Peña. With this acquisition, the company aims to reach a total operational capacity of 300 MW in the South American country, including the 100 MW facility announced last July.
Frank Holmes, Hive’s Executive Chairman, stated:
“Reaching 3% of the global Bitcoin mining network by September 2025, powered entirely by green energy, is a remarkable achievement.”
The company plans to increase its hashrate capacity from the current 6 EH/s to 25 EH/s, aiming to generate annual revenues of $500 million.
For its part, Bitfarms has announced that it will reinvest the capital obtained in growth opportunities in the United States, with the goal of rebalancing its portfolio to 80% North American operations by year-end. This move will allow the company to reduce energy costs by 10% and focus on developing high-performance computing (HPC) and artificial intelligence infrastructure.
