Hive Digital to Acquire Bitfarms’ 200 MW Mining Facility for $85 Million
Hive Digital Technologies plans to acquire Bitfarms' largest mining facility in Paraguay, the Yguazu site (200 MW), for approximately $85 million. This acquisition will enhance Hive's Bitcoin mining capabilities.
- Hive aims for a mining capacity of 25 EH/s by Q3 2025, targeting about 3% of the global Bitcoin mining network.
- The expansion will utilize green energy, aligning with Hive’s sustainability goals.
- Post-acquisition, Hive’s operational capacity in Paraguay will reach 300 MW, totaling 430 MW across its facilities in Canada and Sweden by September.
“Paraguay’s political stability highlights the country’s alignment with US economic growth priorities,” stated Hive executive chairman Frank Holmes.
Bitfarms retains two other mining sites in Paraguay (Villarrica and Paso Pe) with a combined capacity of 80 MW. The sale proceeds will support Bitfarms' expansion in the US, aiming for a 1 GW increase in Bitcoin and high-performance computing infrastructure.
- By year-end, Bitfarms targets an operation portfolio of 80% in North America and 20% internationally.
- Bitfarms operates additional facilities in Canada (158.5 MW), the US (17.5 MW), and Argentina (54 MW).
Hive has increased its market presence, holding over 2,800 BTC at the end of 2024, a 64% increase year-over-year. In December, Hive relocated its headquarters from Vancouver to San Antonio, Texas, to leverage the US market.