HIVE Digital Technologies has announced a major expansion, acquiring a mining facility in Paraguay for millions of dollars. The Yguazu Mining Facility, with a capacity of 200 MW, is an important step for the company. With the acquisition, HIVE plans to reach a performance level of 25 EH/s (exahashes per second) by September 2025. HIVE Digital New Facility is Developed in Two Phases The company is also increasing its cryptocurrency mining capacity by over 400%. HIVE currently operates at 6 EH/s, but with the new Yguazu facility, it will gain an additional 300 MW of power when finished. It is worth noting that the facility is developed in two phases. The project’s first phase is 80% complete and expected to start in the second quarter of 2024. This phase will add 6 EH/s to the company’s global capacity. Meanwhile, the second phase, scheduled to end by August 2024, will add another 6.5 EH/s. This phase will use Bitmain S21+ hydro-cooled ASICs to maintain efficient mining operations while following an environmentally friendly design. The deal, valued at $56 million, will be used to purchase the mining facility, a substation, and related land and infrastructure. HIVE Digital to Increase its Mining Capacity The company will pay $25 million upfront and the rest in installments over six months. HIVE will use its current cash and digital currency to finance this deal. Once fully operational, this acquisition will greatly increase HIVE’s global mining capacity to 430 MW by the third quarter of 2025, including what the company already has. Furthermore, the technology company will cover $19 million in deposits and construction costs to finish the site. The HIVE’s acquisition strengthens its position in the global cryptocurrency mining industry. This move will help HIVE use cost-effective energy sources and advanced technology to increase its efficiency and competitiveness. HIVE’s Strategic Growth: A Focus on Expansion HIVE Digital continues to develop its game in the Bitcoin mining sector using a dual strategy. The global crypto miner secured a major deal with Canaan Creative Global (CCG) , the Singapore-based subsidiary, in 2024. Under the agreement, CCG will supply HIVE with 6,500 Avalon A1566 miners. The move marked a pivotal shift in HIVE’s plan to strengthen its Bitcoin mining capabilities and create a more efficient, eco-friendly infrastructure. While upgrading its hardware, HIVE is simultaneously investing in a long-term strategy to ensure its operations remain sustainable. The post HIVE Digital Bags Mega Deal to Buy a Mining Site in Paraguay appeared first on TheCoinrise.com .
