thenewscrypto.com
- Hive Digital Technologies spends $56 million to acquire Bitfarms mining site.
- The company is planning a two-phase development approach for its new mining site.
$HIVE Digital making headlines with its new acquisition of Bitfarms’ 200-megawatt Bitcoin mining farm located in Yguazú, Paraguay. The business is expanding its crypto-mining operations at a significant level through this acquisition.
The strategic acquisition will propel company growth while expanding Bitcoin mining hash rate capabilities to 25 EH/s by September 2025 according to the press release.
$HIVE Digital invested $56 million to purchase the Paraguay mine from Bitfarms. The acquisition provides $HIVE Digital with a 240 MVA substation which offers 200 MW of capacity together with its associated infrastructure and other facilities.
$HIVE Digital’s Two-Phase Development Plan
The $HIVE Digital is planning a two-phase development approach for the 200 MW Yguazú site. Phase one is scheduled for completion by April 1, 2025, as the construction is in progress and 80% completed. This Phase will add approximately 6 EH/s of capacity to its global Bitcoin mining hash rate.
Phase two is expected to be completed by August 31, 2025, and this phase will add 6.5 EH/s through the deployment of hydro-cooled ASICs, leveraging advanced efficiency.
The strategic mining acquisition aligns with the company’s commitment to sustainable operations, as the whole infrastructure will run on green hydroelectric energy. Frank Holmes, $HIVE’s Executive Chairman, emphasized the significance of the acquisition, noting that it will enable the company to control approximately 3% of the global Bitcoin mining network by September 2025.
To achieve the 25 EH/s target, Hive Digital already secured ASICs for 15 EH/s from its order of Bitmain and Canaan in 2024. The company aims to achieve a global fleet efficiency of 16.5 joules per Terahash once the project gets fully operational.
Through all these Hive Digital Technologies is planning to become a leader in the mining space. If this project is successful, it will make Hive the most efficient Bitcoin miners across the globe.
Highlighted Crypto News Today:
Binance Research Highlights How DeSci Tackles the “Valley of Death” in Research