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Bitcoin Miner Hive Digital to Buy Paraguay Site From Bitfarms for $85M
The acquisition of the site in Yguazú, Paraguay will increase the company's hashrate to 25 EH/s from 6 Eh/s by September.
Jan 28, 2025, 10:10 a.m.
What to know:
- Hive Digital Technologies agreed to buy a site in Paraguay from fellow bitcoin miner Bitfarms.
- Hive will pay $56 million for the site itself and assume another $29 in obligations.
- The purchase will more than triple Hive's hashrate by September.
Hive Digital Technologies (HIVE) agreed to buy a site in Paraguay from fellow bitcoin miner Bitfarms (BITF) for a total of $85 million including assumed obligations.
The acquisition of the site in Yguazú, Paraguay will more than triple Hive's hashrate to 25 exahash per second (Eh/s) by September, Hive said Tuesday.
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It will pay a total of $56 million for the site, reimburse $19 million of deposits for power-purchase commitments and another $10 million for "remaining capital obligations," Bitfarms said in a separate statement.
Hive estimated that developing the locate into a 200 MW site to be $400,000 per MW.
HIVE shares, which fell over 10% to $2.78 on Monday amid the DeepSeek-related sell-off in both crypto and equity markets, are trading 4.68% higher at $2.91 in pre-market trading. Bitfarms is 4.29% higher at $1.46.
Read More: Bitcoin Mining Stocks With AI Ambition Battered 20%-30% Lower as Nvidia's Plunge Grips Crypto
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