Bitfarms has sold a significant BTC mining site in Paraguay to Hive Digital for $85 million
In order to achieve a rate of 25 EH/s by the third quarter of 2025, Hive Digital Technologies has elected to acquire Bitfarms’ 200 MW Yguazu mining facility in Paraguay.
In order to broaden its influence in the Bitcoin mining sector, Hive Digital Technologies has disclosed its intention to acquire Bitfarms’ greatest mining facility in Paraguay. Hive will acquire the 200 MW Yguazu site, which is a critical asset for Bitfarms’ international operations, for an estimated $85 million.
In conjunction with the acquisition, Hive, which concentrates on both artificial intelligence and cryptocurrency mining, disclosed its ambitious growth strategy. The company aims to attain a target of 25 exahashes per second (EH/s) by the third quarter of 2025, which represents approximately 3% of the global Bitcoin mining network. Green energy will serve as the sole source of power for this expansion, which is consistent with Hive’s sustainability objectives.
HIVE’s operational capacity in Paraguay will reach 300 MW upon the acquisition’s completion, bringing its total capacity to 430 MW by the end of September, which includes existing facilities in Sweden and Canada. Frank Holmes, the executive chairman of Hive Digital, expressed his opinion regarding the organization’s acquisition:
“The country’s alignment with US economic development priorities is underscored by the political stability of Paraguay, which was recently bolstered by President Santiago Peña’s attendance at President Trump’s inauguration.”
Despite the fact that Bitfarms has released its largest Paraguayan asset, it is not abandoning the South American nation. It maintains two additional mining sites in the region, Villarrica and Paso Pe, which collectively have a capacity of 80 MW. The company appears to be recalibrating its strategic priorities, despite these holdings.
The capital acquired from the Yguazu sale will be used to expand Bitfarms’ growth pipeline in the United States, with a goal of achieving a 1 GW expansion for both Bitcoin and high-performance computing (HPC) infrastructure. The company intends to restructure its portfolio by the end of the year, with 80% of its operations located in North America and 20% in international markets.
The move is a component of a broader trend among crypto mining firms that are pursuing opportunities in the United States as a result of regulatory changes under crypto-friendly President Donald Trump. Numerous industry leaders are of the opinion that the new administration would establish a more favorable economic climate for blockchain technologies.
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