Key Points
- HIVE Digital, a Canadian cryptocurrency mining firm, plans to construct a 100MW mining center in Paraguay.
- The firm also announced the purchase of an extra 500 Bitmain S21 Pro Antminers.
HIVE Digital, a cryptocurrency mining company based in Canada, has unveiled its intentions to establish a 100 megawatt Bitcoin (BTC) mining facility in Paraguay. This development is projected to significantly enhance the company’s revenue and hashrate.
HIVE Digital’s Expansion Plans
The company, headquartered in Vancouver, stated in a press release that the new crypto mining site would generate stable revenue exceeding $100 million for Paraguay’s state-owned utility enterprise. Frank Holmes, the executive chairman of HIVE, noted that the deal is expected to contribute an additional 6.5 Exahash per second (EH/s) to the company’s Bitcoin mining activities, increasing its global resources to 12.1 EH/s.
Holmes expressed that this achievement marks a significant milestone in their diversified growth strategy and demonstrates their dedication to expanding their global footprint with data center operations in Canada, Sweden, Iceland, and now Paraguay.
Purchase of Additional Mining Equipment
In line with its expansion, HIVE Digital also announced the acquisition of an additional 500 Bitmain S21 Pro Antminers. The firm’s COO, Luke Rossy, stated that these additional units are necessary to keep up with their monthly equipment upgrade schedule. The units are expected to be shipped later in July, and the company anticipates that its total operational hashrate will rise to 5.6 EH/s once the miners are fully installed.
Earlier in July, HIVE Digital reported an increase in its crypto holdings to 2,503 BTC, marking a rise of over 2% from the previous month. The firm mined a total of 119 BTC in June, maintaining its performance level from May. Following this announcement, HIVE Digital’s shares (HIVE) experienced a surge of over 13% on Nasdaq, reaching $4.15, as per Google Finance data.
