Hive Digital Applied sciences (NASDAQ: HIVE) has accomplished the acquisition of Bitfarms Ltd., a 200-megawatt Idro-powered facility in Paraguay. The transfer will enhance the corporate's mining capability by September 2025 by 317% from 6 seconds per second (EH/s) to 25 EH/s.
One in all Wall Road's largest Bitcoin (BTC) miners continues to increase regardless of this yr's BTC worth changes. Cryptocurrency has fallen 25% from its all-time excessive in January, and is at present testing its lowest stage in over 4 months.
The $56 million acquisition will strengthen Hive's place within the sustainable blockchain infrastructure sector, increasing its world operational footprint to 430 MW by the third quarter of 2025.
Frank Holmes, Govt Chairman of Hive
“This acquisition marks our strategic deal with sustainable and excessive progress,” mentioned Frank Holmes, government chairman of Hive. “Increasing operations to three% of our world community by September 2025 is a big achievement, as we’re totally geared up with inexperienced power.”
The Iguazu facility shall be developed in two phases, with part 1 anticipated to be accomplished by April 1, with an extra hashrate of round 6 EH/s. Building is already 80% full. The second part, which is predicted to be accomplished by August 31, will contribute to an extra 6.5 EH/s utilizing water-cooled ASICs to extend effectivity.
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Why is Bitcoin worth dropping?
Regardless of the difficult instances, the Hive is specializing in increasing because of the decline in Bitcoin costs and growing issue in mining.
As of March 18, 2025, Bitcoin was buying and selling at $82,500 per BTC, down 25% from two months in the past. On Tuesday, costs fell 1.8%, hovering close to the psychological assist stage of $80,000, hitting a four-month low.
In February, BTC fell by 18%, which had a unfavourable affect on Hive's manufacturing. Final month, miners extracted 89 BTC from 102 BTC the earlier month. The corporate says it’s at present redistributed sources to tasks aimed toward growing hashrates
Bitmain S21+ Hydro Asics
Aydin Killick, President and CEO of Hive
Hive has secured an operational hashrate of 15 EH/s, together with the present 6.5 EH/s put in capability and an 8.6 EH/S order for the Bitmain S21+ Hydro Asics introduced final November. The corporate plans to announce further ASIC acquisitions within the coming months to attain its 25 EH/s goal, with the purpose of attaining an general fleet effectivity of 16.5 Joules per Terahash.
“Our precedence is to supply shareholder worth whereas selling sustainable native progress,” mentioned Aydin Kilic, president and CEO of Hive. “This acquisition will permit us to quadruple our capabilities whereas sustaining one of the vital energy-efficient operations within the business.”
The transaction consists of possession of a 240 MVA substation with 200 mW capability and related land and services. Hive paid $25 million on the time of closure, with the remaining $31 million being paid in equal installments over six months. The corporate estimates the full internet value of finishing the positioning to 200 MW at $400,000 per MW.
Hive is worked up to announce it’s closing its acquisition of Bitfarms' 200 MW hydroelectric facility in Paraguay.
This strategic growth will drive the hive to 25 EH/s, forecast from right this moment's 6 EH/s by September 2025, with a 317% enhance in mining capability. pic.twitter.com/udgdivndu
– Hive Digital Applied sciences (@hivedigitaltech) March 18, 2025
Paraguay's new president of the nation
The growth was introduced a day in the past that Hive has coincided with the appointment of Gabriel Lamas as president of the nation of Paraguay. A electrical engineer with greater than 20 years of experience in infrastructure and power tasks, Lamas beforehand served as LATAM Director of Infrastructure and Operations at Bitfarms Ltd., and held a place at Ande, a state-owned utility at Paraguay.
“If we change into the largest non-public electrical energy shopper from the Ande, the Hive will play an necessary position in creating a gentle stream of income denominated in US {dollars} for the federal government,” Holmes mentioned relating to the appointment of Lamas.
Final month, Wall Road Bitcoin Miner employed Craig Tavares as president and chief working officer of Buzz HPC division, specializing in GPU cloud and excessive efficiency computing (HPC) companies.
Paraguay's steady regulatory setting, low-cost hydropower and aggressive working prices make it a great location for Hive's growth methods and positions the corporate because the dominant power of high-performance computing in Latin America.
