Canadian Bitcoin mining company HIVE Digital has completed its flagship facility in Paraguay, aiming to reach 25 EH/s by fall 2025.
Shares of HIVE Digital soared 2% on pre-market trading on April 21 as the Canadian Bitcoin (BTC) mining company announced the completion of Phase 1 infrastructure at its 100-megawatt facility in Paraguay. In a Sunday press release, HIVE Digital said its Yguazù site is now fully energized and equipped, with the capacity to host 5 exahash per second for ASIC miners.
HIVE is already running 200 PH/s of hashrate using its in-house BUZZ Miners, and expects 8,000 units to be online by the end of April. Initial deliveries of Bitmain S21+ miners have started arriving, with more than 20,000 units expected before the end of May, the press release reads.
“As of March 31, we secured deposits for 4.3 EH/s of Bitmain S21+ miners, funded through disciplined treasury management. Our fiscal year-end marked a strategic pivot — no debt, just smart execution. Our expansion from 6.5 EH/s to 11.5 EH/s has been paid and we’re moving fast.”
Aydin Kilic, HIVE Digital’s CEO
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By the end of Q2, HIVE aims to scale to 5 EH/s in Paraguay and 11.5 EH/s globally. As HIVE Digital’s chief operating officer Luke Rossy puts it, the company aims to reach 25 EH/s by fall 2025, producing over 12 BTC daily.
With the completion of construction, HIVE Digital also announced a new hire, Carlos A. Torres Pérez, as operations & project manager in Paraguay. HIVE Digital says Paraguay has the “talent, energy, and vision” to lead the crypto mining market, with the Canadian mining giant stating it has “recognized that.”
Read more: HIVE Digital shares rise as Bitcoin reserves grow 23% YoY
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Very well written. Looking forward to more posts like this!