HIVE Digital Technologies has completed its acquisition of Bitfarms’ 200-megawatt hydro-powered facility in Yguazú, Paraguay for $56 million, marking a major step in its global expansion.
The move is set to quadruple HIVE’s Bitcoin mining capacity—from 6 EH/s to 25 EH/s—by Q3 2025, positioning the company as one of the top players in the global mining industry.
The newly acquired Yguazú site adds 200 MW of renewable energy-powered infrastructure to HIVE’s portfolio, complementing its existing 100 MW Valenzuela project, which is scheduled to be energized by June 2025. HIVE’s operations in Paraguay will reach 300 MW, while its overall global mining capacity—including facilities in Canada and Sweden—will grow to 430 MW.
The expansion aligns with HIVE’s focus on using 100% green hydroelectric power, leveraging Paraguay’s low-cost renewable energy, stable regulatory environment, and favorable operational costs.
Two-Phase Development Plan Targeting 25 EH/s Capacity
HIVE Digital’s newly acquired Yguazú facility will undergo a carefully staged development process to expand the company’s Bitcoin mining power throughout 2025 drastically.
The expansion will roll out in two distinct phases: The first, slated for completion by April 2025, is expected to add approximately 6 EH/s to HIVE’s total capacity. The second phase, anticipated by August 2025, will deliver an additional 6.5 EH/s, leveraging state-of-the-art hydro-cooled mining rigs optimized for efficiency and performance.
If executed as planned, these additions will elevate HIVE’s global hashrate to an impressive 25 EH/s by Q3 2025, solidifying its position as a top-tier player in the Bitcoin mining landscape.
To support this aggressive growth, HIVE has already secured hardware sufficient to achieve 15 EH/s, including a large order of Bitmain S21+ Hydro ASIC miners known for their advanced cooling technology and superior energy efficiency.
The company acknowledges that additional equipment acquisitions will be necessary to meet its ambitious 25 EH/s target within the projected time frame.
Strong production fundamentals also back HIVE’s expansion strategy. Earlier this month, the firm reported a significant uptick in its mining output. According to its latest February results, HIVE mined 89 BTC, marking a 20% year-over-year increase and boosting its total Bitcoin holdings to 2,620 BTC, valued at approximately $220 million.
Strengthening Paraguay-U.S. Relations and Local Growth
HIVE’s Executive Chairman Frank Holmes emphasized that the expansion scales up operations and strengthens U.S.-Paraguay relations. Paraguay’s leadership under President Santiago Peña, combined with strong ties to the U.S., Taiwan, and Israel, makes it an ideal location for long-term strategic partnerships.
Additionally, HIVE’s investment contributes directly to Paraguay’s economy by generating consistent revenue streams for the national utility provider ANDE and supporting local job creation and infrastructure development.
“This acquisition demonstrates our strategic focus on sustainable, high-growth expansion. Scaling our operations to 3% of the global network by September 2025, powered entirely by green energy, is a significant achievement. Paraguay’s stability and economic policies—bolstered by President Santiago Peña’s leadership and international experience—make it an excellent partner for HIVE,” Holmes said
Quick Facts:
- HIVE acquired Bitfarms’ 200 MW hydro-powered Yguazú facility in Paraguay for $56 million.
- The acquisition boosts HIVE’s mining capacity from 6 EH/s to 25 EH/s by Q3 2025.
- HIVE targets 16.5 J/TH efficiency, leveraging hydro-cooled ASICs.
- Expansion strengthens Paraguay’s digital infrastructure while supporting renewable energy growth.
