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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
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.”