Bitcoin mining firm HIVE Digital Technologies Ltd. has taken a bold step to scale its operations by acquiring a partially completed 200-megawatt hydro-powered mining facility in Yguazú, Paraguay, from Bitfarms Ltd. The $85 million deal, announced on January 28, 2025, reflects HIVE’s strategic focus on harnessing renewable energy to expand its global mining footprint.
The agreement outlines a phased payment plan, with $56 million allocated to the acquisition itself—$25 million payable at closing in the first quarter of 2025 and $31 million distributed in equal installments over the following six months. Additionally, Bitfarms will receive $19 million as reimbursement for utility power deposits and $10 million to cover the remaining construction costs. HIVE plans to finance the purchase through its existing cash reserves and digital currency holdings.
Currently 80% complete, the Yguazú site is set to be developed in two stages. The first phase, slated for April 2025, will add 6 exahashes per second (EH/s) of computational capacity, while the second phase, scheduled for August 2025, will bring an additional 6.5 EH/s using hydro-cooled ASICs. Once fully operational, the site will represent a major milestone in HIVE’s growth trajectory, boosting its capacity in Paraguay to 300 MW, including a separate 100 MW facility set to become operational later in 2025.
The expansion aligns with HIVE’s broader goal to increase its global hashrate to 25 EH/s by September 2025, equating to roughly 3% of Bitcoin’s total network capacity. The company has already secured mining equipment, including cutting-edge Bitmain S21+ hydro ASICs and Canaan Avalon miners, to support this ambitious target. In the words of Frank Holmes, HIVE’s Executive Chairman, “Reaching 3% of the global Bitcoin mining network by September 2025, powered entirely by green energy, is a remarkable achievement. This milestone underscores our commitment to sustainability and innovation.”
The Yguazú facility’s reliance on hydroelectric power is central to HIVE’s strategy, emphasizing environmental responsibility. Hashrate, the measure of computational power miners contribute to the Bitcoin network, plays a critical role in securing transactions and maintaining the blockchain. Aydin Kilic, HIVE’s President and CEO, highlighted the transformative potential of the acquisition, stating, “Our strategy is rooted in delivering consistent value to shareholders while fostering sustainable local development.”
For Bitfarms, the sale represents a strategic pivot. The company plans to reinvest the proceeds into its 1-gigawatt growth pipeline in the United States, with a focus on high-performance computing (HPC) and artificial intelligence infrastructure.
HIVE’s decision to scale operations in Paraguay underscores its commitment to leveraging renewable energy and cutting-edge technology to maintain a competitive edge in the Bitcoin mining sector. By combining sustainability with innovation, the company positions itself as a key player in shaping the future of digital currency mining.