HIVE Digital Technologies (NASDAQ: HIVE) has completed the acquisition of Bitfarms Ltd.’s 200-megawatt Yguazú hydro-powered facility in Paraguay. The move will increase the company’s mining capacity by 317% from 6 Exahashes per second (EH/s) to a projected 25 EH/s by September 2025.
One of Wall Street’s largest Bitcoin (BTC) miners continues its expansion despite this year’s BTC price correction. The cryptocurrency has declined by 25% from its all-time highs in January and is currently testing its lowest levels in over four months.
The $56 million acquisition strengthens HIVE’s position in the sustainable blockchain infrastructure sector, expanding its global operational footprint to 430 MW across Paraguay, Canada, and Sweden by the third quarter of 2025. With this deal, HIVE will control 300 MW of mining infrastructure in Paraguay alone, including its previously announced 100 MW project in Valenzuela scheduled for energization by June.
Frank Holmes, Executive Chairman of HIVE
“This acquisition demonstrates our strategic focus on sustainable, high-growth expansion,” said Frank Holmes, Executive Chairman of HIVE. “Scaling our operations to 3% of the global network by September 2025, powered entirely by green energy, is a significant achievement.”
The Yguazú facility will be developed in two phases, with phase one expected to be completed by April 1, adding approximately 6 EH/s of hashrate. Construction is already 80% complete. The second phase, projected for completion by August 31, will contribute an additional 6.5 EH/s using hydro-cooled ASICs for enhanced efficiency.
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Why Is Bitcoin Price Going Down?
Despite challenging times, HIVE remains focused on expansion, undeterred by falling Bitcoin prices and increasing mining difficulty, which have significantly squeezed profit margins.
As of March 18, 2025, Bitcoin is trading at $82,500 per BTC, down 25% from two months ago. On Tuesday, the price dropped by 1.8%, hovering near the psychological support level of $80,000 and marking a four-month low.
In February, BTC fell by 18%, negatively impacting HIVE’s production. Last month, the miner extracted 89 BTC, down from 102 BTC in the previous month. According to the company, it is currently reallocating its resources to projects aimed at increasing its hashrate
Bitmain S21+ Hydro ASICs
Aydin Kilic, President & CEO of HIVE
HIVE has secured ASICs for 15 EH/s of operational hashrate, including its existing 6.5 EH/s installed capacity and an 8.6 EH/s order of Bitmain S21+ Hydro ASICs announced last November. The company plans to announce additional ASIC acquisitions in the coming months to reach its 25 EH/s target, with a goal of achieving a fleet-wide efficiency of 16.5 Joules per Terahash.
“Our priority is delivering shareholder value while fostering sustainable local growth,” said Aydin Kilic, President and CEO of HIVE. “This acquisition allows us to quadruple our capacity while maintaining one of the most energy-efficient operations in the industry.”
The deal includes ownership of a 240 MVA substation with 200 MW of capacity, plus associated land and facilities. HIVE paid $25 million at closing, with the remaining $31 million to be paid in equal installments over six months. The company estimates the total net costs to complete the site to 200 MW will be $400,000 per MW.
HIVE is thrilled to announce the closing of its acquisition of Bitfarms’ 200 MW hydro-powered facility in Paraguay.
This strategic expansion marks a 317% increase in mining capacity, propelling HIVE from 6 EH/s today to a projected 25 EH/s by September 2025. pic.twitter.com/udGdIAVndu
— HIVE Digital Technologies (@HIVEDigitalTech) March 18, 2025
New Country President in Paraguay
This expansion coincides with HIVE’s appointment of Gabriel Lamas as Country President of Paraguay, announced a day earlier. Lamas, an electrical engineer with over 20 years of expertise in infrastructure and energy projects, previously served as LATAM Director of Infrastructure and Operations at Bitfarms Ltd. and held positions with Paraguay’s National Utility, ANDE.
“As we become the largest private electricity consumer from ANDE, HIVE will play a vital role in generating a steady stream of U.S. dollar-denominated revenue for the government,” Holmes noted regarding Lamas’ appointment.
Last month, the Bitcoin miner from Wall Street also hired Craig Tavares as President and Chief Operating Officer of its Buzz HPC division, which focuses on GPU Cloud and High-Performance Computing (HPC) services.
Paraguay’s stable regulatory environment, low-cost hydroelectric power, and competitive operational costs make it an ideal location for HIVE’s expansion strategy, positioning the company as a dominant force in high-performance computing in Latin America.
