HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE), a prominent global leader in sustainable data center infrastructure, announced today the full completion of the initial phase of its expansive Bitcoin mining facility located in Yguazù, Paraguay. The milestone marks a significant step in the company's ambitious growth strategy, positioning it for substantial increases in its Bitcoin mining capacity.
The newly operational facility boasts a robust 100-megawatt (MW) air-cooled data center, underpinned by a substantial 200 MW substation. This infrastructure is designed to support a formidable 5 exahash per second (EH/s) of next-generation Application-Specific Integrated Circuit (ASIC) mining hardware. The strategic location in Paraguay offers access to cost-effective hydroelectric power, a crucial advantage in the energy-intensive Bitcoin mining industry.
Currently, HIVE is actively running 200 petahashes (0.2 EH/s) of hashrate at the Yguazù site, utilizing its proprietary BUZZ Miners. The company anticipates having a total of 8,000 BUZZ Miner units fully online by the end of April. This initial operational phase is being rapidly augmented by the arrival of advanced mining technology. Deliveries of Bitmain S21+ miners, renowned for their efficiency, have commenced, with an impressive deployment of over 20,000 units expected to be completed by the end of May. These state-of-the-art miners boast hashrates of up to 235 terahashes per second (TH/s) with a power consumption of approximately 3564W, representing a significant upgrade in computational power and energy efficiency for HIVE's operations.
Looking ahead, HIVE has set an ambitious target of achieving 25 EH/s in total hashrate by the fall of 2025. Based on the current Bitcoin network difficulty, which stands at approximately 122.64 trillion, this level of computational power is projected to yield over 12 Bitcoins mined daily. This substantial increase would solidify HIVE's position as a major player in the Bitcoin mining landscape.
Luke Rossy, Chief Operating Officer of HIVE, expressed his enthusiasm for the progress, stating, "With 100 MW of infrastructure complete, we're now actively racking and energizing machines. The momentum we are building in Paraguay is truly exciting and underscores our commitment to rapid and efficient scaling."
Aydin Kilic, HIVE's Chief Executive Officer, highlighted the company's financial prudence in facilitating this expansion. "As of our fiscal year-end, HIVE operates with no debt, a testament to our disciplined treasury management. The secured deposits for 4.3 EH/s of Bitmain S21+ miners have been strategically funded, and our expansion from 6.5 EH/s to a projected 11.5 EH/s by the second quarter has already been paid for, demonstrating our swift and decisive execution." HIVE's existing operations include facilities in Canada and Sweden, emphasizing the company's focus on leveraging green energy sources for its digital asset mining activities. As of March 2025, HIVE reported a total hashrate of 6.3 EH/s and held 2,201 Bitcoin. The Paraguay facility represents a pivotal expansion, acquired from Bitfarms, leveraging the region's advantageous energy landscape.
To further bolster its operations in Paraguay, HIVE has strategically appointed Carlos Anibal Torres Pérez as the Operations & Project Manager for the region. Mr. Torres brings over 15 years of extensive experience in infrastructure and energy systems, having spearheaded numerous digital and energy projects within Paraguay. His expertise is expected to be invaluable in ensuring the smooth and efficient scaling of the new facility.
In his statement, Mr. Torres conveyed his commitment to the project's success: "As Operations & Project Manager, my focus will be on establishing new benchmarks for operational excellence and delivering tangible results. Paraguay possesses the talent, energy resources, and forward-thinking vision to become a leader in the digital realm, and HIVE's strategic investment here is a clear recognition of this potential. This initiative extends beyond mere infrastructure development; it is about constructing a robust foundation for the digital future."
In addition to the operational advancements, HIVE announced the granting of 2,797,000 Restricted Share Units (RSUs) as incentives to its employees, officers, directors, and consultants. These RSUs are subject to a minimum vesting period of one year, aligning the interests of the company's stakeholders with its long-term success.
The completion of Phase 1 in Paraguay marks a significant milestone for HIVE Digital Technologies, underscoring its commitment to expanding its Bitcoin mining capabilities through strategic infrastructure development and the deployment of cutting-edge technology in regions with access to sustainable and cost-effective energy. The company's ambitious targets for hashrate growth position it as a key player in the evolving landscape of digital asset mining.
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