{"id":10961,"date":"2025-02-03T01:46:43","date_gmt":"2025-02-03T01:46:43","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=10961"},"modified":"2025-02-03T01:46:43","modified_gmt":"2025-02-03T01:46:43","slug":"hive-digital-buys-bitfarms-paraguay-btc-mine-for-56m","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=10961","title":{"rendered":"HIVE Digital Buys Bitfarms\u2019 Paraguay BTC Mine for $56M"},"content":{"rendered":"
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HIVE Digital has finalized the acquisition of Bitfarms\u2019 partially completed 200-megawatt Bitcoin mining facility in Yguaz\u00fa, Paraguay, for $56 million.<\/p>\n

The 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.<\/p>\n

The $56 Million Purchase<\/h2>\n

According to an announcement<\/a> HIVE made on January 28, the Yguaz\u00fa 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\u2019s Bitcoin mining capacity.<\/p>\n

Phase 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.<\/p>\n

As 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.<\/p>\n

As 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.<\/p>\n

Bitfarms\u2019 Strategic Shift<\/h2>\n

The sale of the Yguaz\u00fa 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\u2019s Pennsylvania facility as part of a 2024 merger.<\/p>\n

CEO Ben Gagnon stated<\/a> that the proceeds from the sale would support the company\u2019s 1-gigawatt growth pipeline in the U.S., which includes infrastructure for Bitcoin mining as well as high-performance computing and artificial intelligence.<\/p>\n

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\u00a0\u201cWe are pleased to announce the sale of our Yguaz\u00fa site to HIVE as we continue to streamline our operations and rebalance towards North America,\u201d Gagnon said.<\/p>\n<\/blockquote>\n

Bitfarms 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.<\/p>\n

The latest development comes after a\u00a0proposed\u00a0<\/a>merger with Riot Platforms Inc. in 2024, which would have created 15 facilities in several areas, including Paraguay. However, Bitfarms\u2019 board ultimately rejected the plan, with the two companies terminating the acquisition bid.<\/p>\n

The post HIVE Digital Buys Bitfarms\u2019 Paraguay BTC Mine for $56M<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

HIVE Digital has finalized the acquisition of Bitfarms\u2019 partially completed 200-megawatt Bitcoin mining facility in Yguaz\u00fa, Paraguay, for $56 million. The 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. The $56 Million Purchase […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-10961","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10961"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10961\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}