HIVE Digital Buys Bitfarms’ Paraguay BTC Mine for $56M

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HIVE Digital Buys Bitfarms’ Paraguay BTC Mine for $56M

CoinMarketCap02-03

HIVE Digital has finalized the acquisition of Bitfarms’ partially completed 200-megawatt Bitcoin mining facility in Yguazú, Paraguay, for $56 million. The deal includes an upfront payment of $25 ...

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Phase 1, which is already 80% finished, is scheduled for completion by April 1, 2025. Once operational in the second quarter, it is expected to add approximately six exahashes per second  to HIVE’s Bitcoin mining capacity.As part of the acquisition, HIVE will assume $19 million in pre-existing power purchase agreement  deposits that Bitfarms paid to Paraguayan utility ANDE. This aligns with its goal of expanding its Bitcoin mining capacity to 25 EH/s by September 2025.The post HIVE Digital Buys Bitfarms’ Paraguay BTC Mine for $56M appeared first on CryptoPotato.","collect":0,"end_time":0,"defaultTopTitle":"coinmarketcap.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4023":"应用软件","BK4585":"ETF&股票定投概念","BTC":"Grayscale Bitcoin Mini Trust","BK4600":"加密货币概念","BK4601":"加密货币现货ETF","BK4588":"碎股","BK4594":"比特币ETF概念","BK4595":"比特币概念","HIVE":"Hive Blockchain","PPA":"国防航太ETF-PowerShares"},"translate_title":"HIVE Digital以5600万美元收购Bitfarms的巴拉圭BTC矿","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTC":1,"HIVE":1,"PPA":1},"content_text":"HIVE Digital has finalized the acquisition of Bitfarms’ partially completed 200-megawatt Bitcoin mining facility in Yguazú, Paraguay, for $56 million.\nThe deal includes an upfront payment of $25 million due at closing in the first quarter of 2025, with the remaining $31 million to be paid in six equal monthly installments.\nThe $56 Million Purchase\nAccording to an announcement HIVE made on January 28, the Yguazú facility will be developed in two stages. Phase 1, which is already 80% finished, is scheduled for completion by April 1, 2025. Once operational in the second quarter, it is expected to add approximately six exahashes per second (EH/s) to HIVE’s Bitcoin mining capacity.\nPhase 2, expected to be wrapped up by August 31, 2025, will introduce hydro-cooled Bitmain S21+ ASICs, adding 6.5 EH/s. The Texas-based crypto miner has estimated the cost of completing the facility at $400,000 per MW. It also revealed that it will be funded using existing cash reserves and BTC holdings.\nAs part of the acquisition, HIVE will assume $19 million in pre-existing power purchase agreement (PPA) deposits that Bitfarms paid to Paraguayan utility ANDE. This aligns with its goal of expanding its Bitcoin mining capacity to 25 EH/s by September 2025.\nAs of December 2024, the firm reported a realized hashrate of 5.46 EH/s and held 2,805 BTC in its reserves. It has also pre-ordered 15 EH/s of hydro-cooled ASICs from Bitmain and Canaan to support its growth plans.\nBitfarms’ Strategic Shift\nThe sale of the Yguazú facility marks a strategic shift for Bitfarms, which initially planned to develop the site as part of its 2024 expansion into Latin America. Construction delays led to the relocation of mining equipment originally intended for Paraguay to Stronghold Digital’s Pennsylvania facility as part of a 2024 merger.\nCEO Ben Gagnon stated that the proceeds from the sale would support the company’s 1-gigawatt growth pipeline in the U.S., which includes infrastructure for Bitcoin mining as well as high-performance computing and artificial intelligence.\n\n “We are pleased to announce the sale of our Yguazú site to HIVE as we continue to streamline our operations and rebalance towards North America,” Gagnon said.\n\nBitfarms remains committed to its operations in Latin America, where it has three other facilities with a total capacity of 144 MW and long-term power agreements.\nThe latest development comes after a proposed merger with Riot Platforms Inc. in 2024, which would have created 15 facilities in several areas, including Paraguay. However, Bitfarms’ board ultimately rejected the plan, with the two companies terminating the acquisition bid.\nThe post HIVE Digital Buys Bitfarms’ Paraguay BTC Mine for $56M appeared first on CryptoPotato.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}