HIVE Digital Expands Bitcoin Mining Operations
HIVE Digital, a prominent player in the Bitcoin mining industry from Canada, has officially finished the first phase of its expansive facility in Paraguay, targeting a significant enhancement in its hashing power by 2025.
Market Response and Operational Capacity
On April 21, the company saw a rise of 2% in its share prices during pre-market trading due to this announcement. The Canadian firm revealed that its Yguazù site, which boasts a 100-megawatt capacity, is now fully operational and can accommodate ASIC mining machines capable of producing 5 exahash per second (EH/s).
Currently, HIVE has a hash rate of 200 petahash per second (PH/s) utilizing its proprietary BUZZ miners and anticipates the deployment of around 8,000 additional units by the end of April. Additionally, the company has begun receiving its first shipments of 20,000 Bitmain S21+ miners, expected to be delivered by the close of May.
CEO Insights and Future Plans
HIVE Digital’s CEO, Aydin Kilic, stated that as of March 31, they secured pre-orders for 4.3 EH/s using the S21+ miners, achieved through prudent financial strategies.
He emphasized the company’s strategic shift with no debt and a focus on clever execution, leading to their growth from 6.5 EH/s to a projected 11.5 EH/s. Looking ahead, by the end of the second quarter, HIVE plans to establish 5 EH/s operations in Paraguay and reach a global total of 11.5 EH/s.
The company also aims for an ambitious target of 25 EH/s by fall 2025, which could yield over 12 Bitcoin (BTC) per day.
New Appointment in Paraguay
The completion of this facility has coincided with a significant new appointment: Carlos A. Torres Pérez has joined HIVE Digital as the operations and project manager in Paraguay.
HIVE Digital has expressed confidence in Paraguay’s capabilities, describing the country as having the necessary talent and vision to excel in the cryptocurrency mining landscape.
