HIVE Digital Technologies Announces $56 Million Acquisition of Bitfarms’ 200 MW Bitcoin Mining Site in Paraguay
Pictured above: Supermicro server with 10x NVIDIA RTX A6000 GPUs for a total of 480 GB of GPU memory
HIVE Digital Technologies operates a fleet of approximately 38,000 commercial-grade NVIDIA GPUs (graphic processing units). HIVE’s GPU operations are powered by renewable energy (primarily hydroelectric).
Vancouver, BC, January 31, 2025–(T-Net)–HIVE Digital Technologies Ltd. (TSX.V: HIVE) (Nasdaq: HIVE) (FSE: YO0), a leader in sustainable data center infrastructure, announced today the signing of a binding letter of intent (“LOI”) with Bitfarms Ltd. to acquire the Yguazú 200 megawatt (“MW”) hydro-powered Bitcoin mining facility in Paraguay.
This acquisition will accelerate HIVE’s growth, increasing its global Bitcoin mining hashrate from 6 Exahash per second (“EH/s”) today, to an anticipated 25 EH/s by September 2025 (all amounts in US dollars, unless otherwise indicated).
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.
This milestone reflects HIVE’s commitment to operating entirely on 100% green hydroelectric energy while solidifying its leadership as one of Latin America’s largest Bitcoin mining operators.
Phased Development Plan
The 200 MW Yguazú site will be developed in two phases:
Phase 1: Scheduled for completion by April 1, 2025. Construction is already 80% complete, with essential infrastructure nearing readiness. Phase 1 will add approximately 6 EH/s of capacity, which we expect to have fully hashing in calendar Q2 2025. HIVE will be assuming the remaining payments in this phase, which includes payments to full energization.
Phase 2: Expected to complete by August 31, 2025, Phase 2 will add 6.5 EH/s with hydro-cooled ASICs, leveraging advanced efficiency.
HIVE estimates the total net costs to complete the site to 200 MW to be $400,000 per MW upon completion.
Additionally, HIVE’s separate previously announced 100 MW project in Paraguay remains on track for energization by June 2025, which will provide 6.5 EH/s of hashrate from Bitmain S21+ hydro-cooled ASICs, bringing HIVE’s interim target to 13 EH/s.
Strategic Investments and Community Impact
To achieve its ambitious 25 EH/s target, HIVE says it has already strategically secured ASICs for 15 EH/s from its order of Bitmain S21+ Hydro ASICs (December 2, 2024 press release) and Canaan Avalon A-series miners (November 10 and 20, 2024 press releases).
HIVE has plans for additional ASIC purchases in the coming months to reach 25 EH/s. HIVE targets a global fleet efficiency of 16.5 joules per Terahash efficiency once the 25 EH/s milestone is reached, based on current ASIC offerings in the market.
These investments target rapid returns and ensure improved energy efficiency and, thus, a lower cost of Bitcoin production.
Frank Holmes, Executive Chairman, HIVE Digital Technologies Ltd. (Credit: HIVE Digital Technologies)
Frank Holmes, Executive Chairman of HIVE, stated: “This acquisition demonstrates our focus on sustainable growth and innovation. Reaching 3% of the global Bitcoin mining network by September 2025, powered entirely by green energy, is a remarkable achievement. Paraguay’s political stability, reinforced by President Santiago Peña’s recent presence at President Trump’s inauguration, highlights the country’s alignment with U.S. economic growth priorities. Our facilities provide monthly U.S. dollar revenue to the Paraguayan government’s utility company ANDE, demonstrating mutual economic benefits. HIVE’s presence positions us as a major contributor to Paraguay’s economic development while establishing a leadership role in Latin America.”
Aydin Kilic, President & CEO, HIVE Digital Technologies Ltd. (Credit: HIVE Digital Technologies)
Aydin Kilic, President and CEO of HIVE, commented: “Our strategy is rooted in delivering consistent value to shareholders while fostering sustainable local development. This acquisition allows us to scale operations by an incredible 400%, growing from 6 EH/s to 25 EH/s. Simultaneously, we remain steadfast in our community commitments, investing in critical infrastructure, supporting education, and creating quality jobs in Paraguay. This expansion ensures we maintain our track record as one of the most efficient Bitcoin miners globally.”
Transaction Details
The acquisition, valued at $56 million, includes ownership of a 240 MVA substation with 200 MW of capacity, as well as all associated land and facilities. Key terms include:
$25 million payable at closing, scheduled for calendar Q1 2025.
$31 million payable in equal installments over six months following closing.
In addition to this, HIVE assumes $19 million of PPA deposits to ANDE, the utility company, and assumes remaining construction completion costs after signing the binding LOI.
This transaction will be financed by HIVE’s existing cash and digital currency balance sheet.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is a pioneering technology company advancing sustainable blockchain and AI infrastructure powered by green energy. As the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017, HIVE has grown into a global leader in digital asset mining and AI computing. With operations in Canada, Sweden, and soon Paraguay, HIVE continues to innovate while reducing its environmental footprint.
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Publish date : 2025-01-31 02:08:00
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