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 Yguazรน 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.
โAs 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 โ no debt, just smart execution. Our expansion from 6.5 EH/s to 11.5 EH/s has been paid and weโre moving fast.โ
Aydin Kilic, HIVE Digitalโs CEO
By the end of Q2, HIVE aims to scale to 5 EH/s in Paraguay and 11.5 EH/s globally. As HIVE Digitalโs 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 Pรฉrez, as operations & project manager in Paraguay. HIVE Digital says Paraguay has the โtalent, energy, and visionโ to lead the crypto mining market, with the Canadian mining giant stating it has โrecognized that.โ
