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- HIVE Digital completes Phase 1 of its Paraguay facility, aiming for 25 EH/s by 2025.
- The company anticipates having 8,000 of the 20,000 ordered Bitmain S21+ miners in the field by the end of April.
- As part of our Paraguay mining expansion, HIVE welcomes Carlos A. Torres Pérez as our new operations manager.
HIVE Digital shares rose by 2% in the pre-market trading on April 21, following the revelation of the completion of the first phase in the expansion of the firm’s Bitcoin mining hub facility is located in Paraguay and is now operational with a capacity of 100MW. The HIVE Digital management announced in a press release on Sunday that the Yguazù site is now available and ready to operate, with the power to host 5 exahash per second ASIC mines.
Currently, the company is achieving 200 peta hashes per second through the BUZZ Miners. According to HIVE’s goal, it is expected to have at least 8000 units connected by the end of April this year. This has led the company to take delivery of Bitmain S21+ miners, with an estimated 20,000 units expected to be received by the end of May. Such progression shows HIVE’s massive growth in the Bitcoin mining industry.
Expanding Global Hashrate
HIVE CEO Aydin Kilic discussed company’s accountability in acquiring deposits for 4.3 EH/s of Bitmain S21+ miners at the end of March 31. This growth from 6.5 EH/s to 11.5 EH/s has been achieved after relying on the treasury without debt financing. Kilic said this fiscal year-end offered the best opportunity while the company seeks to adjust its growth plans effectively.
While, HIVE Digital aims to enhance the hash rate in Paraguay to 5 EH/s within the second quarter of the year 2025. Globally, the company seeks to accomplish a hashrate of 11.5 EH/S while regionally the company’s target should achieve a hashrate of 5EH/s.
COO of HIVE, Luke Rossy, noted that the company should achieve the mining capacity of 25 EH/s by the fall of 2025 to produce over 12 BTC per day. This will help in positioning the company in a better way for the growth and development of the crypto mining sector.
HIVE Digital Paraguay Strategy
Following the construction of the facility, HIVE Digital revealed that Carlos A. Torres Pérez has now been appointed to the position in the company with the title of Operations and Project Manager for Paraguay. The company considers Paraguay a strategic market with human resources and energy that are essential to the organization’s future development plans. Currently, the crypto mining market is expected to be led by the following statistics compiled by HIVE.
Regarding the company’s rapid growth strategy, the construction of the Yguazù facility and the completion of phase 1 are considered important achievements for HIVE Digital. HIVE has a clear expansion plan, leadership plan, and a plan for enhancing the hashrate to make it one of the most important players within the crypto mining industry.
