Canadian cryptocurrency mining firm HIVE Digital has announced plans to build a 100MW mining center in Paraguay to boost its revenue.
Crypto mining firm HIVE Digital is gearing up to build a 100-megawatt Bitcoin (BTC) mining center in Paraguay, a move expected to double the firm’s revenue and increase its hashrate.
In a press release, the Vancouver-headquartered miner said the site will generate “over $100 million” of stable U.S. dollar revenue for Paraguay’s government-owned utility company. Commenting on the development, Frank Holmes, HIVE’s executive chairman, said the deal is expected to add up to an “additional 6.5 Exahash per second” (EH/s) to the firm’s Bitcoin mining operations, boosting its global resources to 12.1 EH/s.
“This represents a significant milestone in our diversified growth strategy and supports our commitment to expanding our global footprint with data center operations in Canada, Sweden, Iceland, and now Paraguay.”
Frank Holmes
In addition to the expansion, HIVE Digital revealed the purchase of an additional 500 Bitmain S21 Pro Antminers, which HIVE’s COO Luke Rossy says is needed to “maintain our cadence in upgrading our equipment every month.” The units are expected to ship later in July, and the firm expects its total operational hashrate to increase to 5.6 EH/s once the miners are fully installed, according to the press release.
Earlier in July, HIVE Digital reported a rise in its crypto holdings to 2,503 BTC, reflecting an increase of over 2% from the previous month. The company mined a total of 119 BTC in June, maintaining its performance level from May. Following the latest news, HIVE Digital’s shares (HIVE) surged more than 13% on Nasdaq, reaching $4.15, according to Google Finance data.
