HomeMine BitcoinBitcoin Mining Firm HIVE Digital Acquires Bitfarms Site

Bitcoin Mining Firm HIVE Digital Acquires Bitfarms Site

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  • HIVE’s acquisition increases its Bitcoin mining capability to 25 EH/s.
  • The initiative seeks to make HIVE the world’s most efficient Bitcoin miner.

In a huge deal for crypto mining, HIVE Digital acquired the enormous 200-MW Bitcoin mine of Bitfarms in Yguazú, Paraguay. This $56 million purchase will likely drive the operation to scale. By the end of September 2025, HIVE’s Bitcoin hashrate should reach 25 exahashes per second (EH/s).

With such a tremendous purchase, comes extensive infrastructure with this 240 MVA substation that could power 200 MW of capacity and further demonstrates the commitment by HIVE Digital toward sustainable mining. The firm will energize the Yguazú farm using its new environment-friendly approach through green hydroelectric energy.

Strategic Acquisition Boosts HIVE’s Mining Capacity

HIVE Digital has a growth plan in place in Paraguay. The company has completed 80% of phase one, which will add 6 EH/s to the global Bitcoin mining capacity. It will finish by April 1, 2025. Phase two will add approximately 6.5 EH/s when hydro-cooled ASICs go into action. This will enhance efficiency and scale by August 31, 2025.

According to Frank Holmes, the executive chairman, the bought 3% of the Bitcoin network’s worldwide hashrate using clean energy. Aydin Kilic, President and CEO of HIVE Mining, commented on acquiring the buyout deal. He noted that the deal would lead to a fourfold increase, boosting their operations by 400%. Kilic emphasized the company’s commitment to delivering value for shareholders and supporting regional development.

This expansion would bring HIVE in control of approximately 3% of the entire network of mining worldwide by the start of September 2025. To attain this, orders for the respective ASICs have already been placed toward realizing 15 EH/s by consuming 16.5 joules per terahash.

The acquisition is now putting HIVE Digital in a position to be some of the most efficient Bitcoin miners in the world while standing out from many other participants and competitors in the increasingly crowded mining market. With Paraguay farm acquisitions as well as HIVE’s adoption of renewable power, this positioning will facilitate sustained growth of its business going into the ever-growing crypto-mining industry.

With this expansion, Hive is targeting to become one of the major players in the Bitcoin mining industry by leveraging low-cost energy and high scalability in improving its activities.

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