Bitcoin mining company HIVE Digital spends $56 million to acquire a mine in Paraguay from Bitfarms

Odaily Planet Daily News Bitcoin mining company HIVE Digital announced the completion of a $56 million transaction to acquire the partially completed 200 megawatt (MW) Bitcoin mine in Iguazu, Paraguay, from Canadian mining company Bitfarms. HIVE signed a binding letter of intent with Bitfarms and expects to expand its Bitcoin mining computing power to 25 EH/s in September through this acquisition, using low-cost renewable hydroelectric power in Paraguay. The $56 million acquisition includes a $25 million advance payment expected to be paid upon completion in the first quarter, and the remaining $31 million will be paid in six equal installments over the next six months. The acquired mine will be developed in two phases, with the first phase scheduled to be completed on April 1, 2025, and is currently 80% complete. This initial phase includes HIVE's assumption of the remaining payment required to complete the power-on, which is expected to add approximately 6 EH/s of Bitcoin mining capacity and will be put into operation in the second quarter. The second phase, scheduled for completion by August 31, 2025, will integrate water-cooled Bitmain S21+ ASICs to deliver an additional 6.5 EH/s. HIVE estimates the cost of completion to be $400,000 per megawatt, funded by existing cash and Bitcoin reserves.