Ripple (XRP) Cost Forecast for March 19
# HIVE Digital Completes the Purchase of the Yguazú Mining Center in Paraguay, Predicting a 317% Increase in Computing Resources
HIVE Digital has formally finalized the purchase of Bitfarms’ 200-megawatt hydroelectric power station in Paraguay, a step that is expected to dramatically increase its mining potential by an amazing 317%.
The acquisition, estimated at $56 million, represents a considerable development for the Bitcoin mining business, HIVE Digital Technologies. The Yguazú facility is predicted to greatly improve the company’s operational capabilities.
According to a news statement released by HIVE on Tuesday, this growth will bring HIVE’s total mining infrastructure capacity in Paraguay to 300 megawatts, including the 100-megawatt Valenzuela project, which is scheduled to begin in mid-2025. By the third quarter, the corporation expects its total operational capacity across Paraguay, Canada, and Sweden to reach 430 megawatts.
Frank Holmes, Executive Chairman of HIVE, emphasized that this acquisition “emphasizes our strategic emphasis on sustainable, high-growth development.”
HIVE intends to build the Yguazú mining site in two stages. The first phase, which is expected to be finished in April, may add roughly 6 EH/s to HIVE’s mining hashrate. The second phase, which is expected to be completed by the end of August, may contribute an additional 6.5 EH/s via liquid-cooled miners. If the company meets its estimates, its total hashrate may reach 25 EH/s by September.
HIVE CEO Aydin Kilic remarked, “Our main goal is to generate value for shareholders while encouraging sustainable growth in the region. Through this acquisition, we can quadruple our production capacity—from 6 EH/s to 25 EH/s by 2025—while maintaining the highest energy efficiency in the industry.”
HIVE has already secured 15 EH/s of ASIC miners, including orders for Bitmain S21+ Hydro models. However, the corporation stated that more acquisitions would be required to meet its 25 EH/s target.
The Canadian cryptocurrency mining business announced its February production results in early March, revealing a year-over-year increase of more than 20% in its Bitcoin holdings.
Based out of Vancouver, the firm revealed on March 9 that it has extracted 89 bitcoins. Their complete assets now amount to an enormous 2,620 bitcoins, which is approximately comparable to $220 million!
